Summary by Futu AI
China Overseas Development Co., Ltd. (China Overseas) announced the renewal of a new general contract agreement with China Construction Industry Group Co., Ltd. (China Construction Industry). The Agreement will enter into force on 1 July 2024 for a period of three years, ending on 30 June 2027. This renewal is taking place against the background of the current General Contracting Agreement, which is about to expire on June 30, 2024. Overseas China is expected to continue to invite Chinese construction industry to participate in competitive tenders for construction projects. As a controlling shareholder of China Overseas and China Construction Industries, the PRC Group holds approximately 56.10% of China Overseas and approximately 70.78% of China Construction Industry. Therefore, China Construction Industries is considered to be a connected person abroad...Show More