China state-owned firms, JD.com for JV to invest in Hong Kong border mega project
China state-owned firms, JD.com for JV to invest in Hong Kong border mega project HONG KONG, Aug 24 (Reuters) - A joint venture comprising six companies said on Monday it plans to invest HK$16.8 billion ($2.14 billion) in the newly awarded pilot development area in Hong Kong's Northern Metropolis, a mega project bordering mainland China.
The six companies include Chinese state-owned property developers China Overseas Land & Investment 0688.HK, China Merchants Land 0978.HK, China Resources Land (Overseas) and Hong Kong peer Sino Land 0083.HK.
Another two companies are China's state-owned tourism enterprise CTG Investment Management and e-commerce giant JD.com Inc 9618.HK.
The joint venture plans to develop a large-scale modern logistics hub with residential and community commercial facilities.
It expects the logistic facility will begin operations in 55 months.
Hong Kong's Northern Metropolis, spanning 30,000 hectares (116 square miles), aims to bolster the city's technological collaboration and linkages with mainland China.
The joint venture won the tender of the project on Monday for HK$1 billion.
($1 = 7.8367 Hong Kong dollars)
(Reporting by Clare Jim; Editing by Louise Heavens)
((clare.jim@thomsonreuters.com;))
Recent news on China Merchants Land
See all newsBrief: China Merchants Land Unit Enters Equity Transfer Agreement With Wharf Estates (Guangzhou)
Brief: China Merchants Land Says Shenzhen Haichengjin To Buy 30% Equity Interest In Project Company
China state-owned firms, JD.com for JV to invest in Hong Kong border mega project
China Merchants Land H1 revenue falls on lower floor area completion
Brief: China Merchants Land Says Shenzhen Haiyuejin Agreed To Acquire 30% Stake In Xi’An Merchants Garden City Real Estate