Beijing Capital to launch RMB 100-mln branch in Yangzhou
Beijing Capital Development Co Ltd<600376>, a leading real estate developer in Beijing, on Jun. 9 announced that it plans to set up a wholly-owned subsidiary with a registered capital of RMB 100 million in Yangzhou City, Jiangsu Province, sources reported.
The new subsidiary will start an apartment project on a piece of land which was purchased by Beijing Capital Development in May 2008 for RMB 192.35 million. The parcel covers land area of 72,450 square meters (sq m) and has a potential floor area of 100,000 sq m. The floor area ratio will not exceed 1.4 and the building coverage rate will be no more than 26%.
Pan Gangsheng, deputy general manager, on Jun. 9 said that the firm's businesses are currently in Bohai Bay Economic Rim, and in the eastern, western and midwest areas of China. In Wuzhong District, Xiangcheng District and Suzhou Industrial Park of Suzhou Province, the property enterprise has projects that cover land area of 32 hectares and have a total potential floor area of 700,000 sq m.
Beijing Capital Development on Jun. 4 announced that it has obtained approval from the China Securities Regulatory Commission (CSRS) to issue up to 350 million new shares for RMB 4.01 billion or RMB 11.56 per share for the development of five property projects, China Knowledge reported earlier.
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