Summary by Futu AI
China Jinmao (stock code: 00817) announced that its indirectly wholly-owned subsidiary, Hefei Fengmao, successfully signed a capital increase agreement with Beijing Capital Development and Nanjing Jia Tai on June 24, 2024, and acquired 51% of Nanjing Jia Tai's shares. Hefei Fengmao will invest RMB 302,884,461, while Beijing Capital Development will invest RMB 269,410,599 to hold the remaining 49% of the shares. This capital increase will increase the registered capital of the project company to RMB 550 million and make it an indirect non-wholly-owned subsidiary of China Jinmao. The project is located in Gulou District, Nanjing City. It is planned to be completed in December 2025 and developed as a residential project for sale. This transaction will help China Jinmao to acquire high-quality land resources in Nanjing City, enhance its market share and brand influence.