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On 12 January, 2011, Manhattan Resources Limited announced that it had entered into a joint venture agreement with Ningbo Da Li Shipping Co Ltd, Kaiyi Investments Pte Ltd and Mr. Xu Yi You to establish a company known as Manhattan Resources (Ningbo) Realty Co Ltd for the purpose of tendering for commercial land situated at South Commercial Park in Yingzhou District in Ningbo City, Zhejiang Province in China to develop an office and commercial building. The registered capital of the JV company is USD68,500,000 and the Company will contribute USD34,935,000, representing 51 per cent interest in the JV company. The Directors are pleased to announce that the JV company has succeeded in its tender for the right, for 40 years, to use and develop a piece of land measuring 19,467 sq m for RMB100,930,945, approximately S$19,176,880 and US$15,587,157. The current plan is to develop an office and commercial building of gross floor area of approximately 160,000 sq m., subject to final planning approval being obtained, at the said location...Source: ShareInvestor Express
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