SINGAPORE (Sept 20): Keppel Land China, the wholly-owned subsidiary of Keppel group’s property arm, Keppel Land, has formed a joint venture with Gemdale Corporation to develop an 8.8 hectare prime residential site in Nanjing, China. 

Through a share purchase agreement (SPA) signed with Gemdale’s subsidiary, Gemdale Corporatino Nanjing Real Estate, Keppel Land China will fully acquire Eternal Commercial for RMB 1,414 million ($283 million).

Eternal Commercial holds a 40% stake in Nanjing Jinsheng Real Estate Development, the company undertaking the development of the residential site. The remaining 60% is held by the Gemdale group of companies.

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