CHINA JINMAO plans to increase its capital by 350 million yuan to Beijing Chaoxing and by 2.15 billion yuan to Beijing Manmao
China Jinmao announced that it has signed a capital increase agreement with Poly Real Estate, investing RMB 350 million in Beijing Chaoxin, while Poly Real Estate will increase its capital by RMB 2.15 billion. After the capital increase, the equity ratios will be 30% and 70%. At the same time, it will invest RMB 2.15 billion and RMB 350 million in Beijing Manmao, with the post-investment equity ratios being 70% and 30%. The two companies will form a joint venture in a 50%:50% ratio to acquire the land use rights of Beijing Chaoxin and Beijing Manmao, with a total price of RMB 8.7295 billion, and the project is planned to be completed in January 2027
According to the announcement from China Jinmao (00817), on September 16, 2025, the company's indirect wholly-owned subsidiary Beijing Yicheng signed a capital increase agreement with Poly Real Estate and Beijing Chaoxin. According to this agreement, Beijing Yicheng and Poly Real Estate agreed to increase capital in Beijing Chaoxin at the same price benchmark. Specifically, Beijing Yicheng will invest RMB 350 million in Beijing Chaoxin, while Poly Real Estate will invest RMB 2.15 billion. Upon completion of the capital increase, Beijing Yicheng and Poly Real Estate will hold 30% and 70% equity stakes in Beijing Chaoxin, respectively.
In addition, the company's indirect wholly-owned subsidiary Beijing Yicheng signed a capital increase agreement with Poly Real Estate and Beijing Manmao. According to this agreement, Beijing Yicheng and Poly Real Estate agreed to increase capital in Beijing Manmao at the same price benchmark. Specifically, Beijing Yicheng will invest RMB 2.15 billion in Beijing Manmao, while Poly Real Estate will invest RMB 350 million. Upon completion of the second capital increase, Beijing Yicheng and Poly Real Estate will hold 70% and 30% equity stakes in Beijing Manmao, respectively.
On February 11, 2025, Beijing Yicheng and Poly Real Estate formed a joint venture in a 50%:50% ratio to acquire the land use rights for the Beijing Chaoxin and Beijing Manmao target plots through a public bidding process for a total price of RMB 8.7295 billion. Among them, the transaction price for the Beijing Chaoxin target plot was RMB 4.3095 billion, and the transaction price for the Beijing Manmao target plot was RMB 4.42 billion. They will jointly establish Beijing Chaoxin as a project company to develop the Beijing Chaoxin target plot, and Beijing Manmao as a project company to develop the Beijing Manmao target plot.
The Beijing Chaoxin target plot and the Beijing Manmao target plot are both located in the Sanjianfang Township of Chaoyang District, Beijing, China, designated for residential use, with a total land area of approximately 68,996 square meters and a planned gross floor area of approximately 172,936 square meters.
Among them, the Beijing Chaoxin target plot covers an area of approximately 32,154 square meters, with a planned gross floor area of approximately 80,830 square meters, which will be developed into a sellable residential project and a supporting kindergarten, scheduled for completion in January 2027. The Beijing Manmao target plot covers an area of approximately 36,842 square meters, with a planned gross floor area of approximately 92,106 square meters, which will be developed into a sellable residential project, scheduled for completion in December 2026.
The announcement stated that the Beijing Manmao target plot will be developed by the company into the Jinmao "Man" series products, while the Beijing Chaoxin target plot will be developed by Poly Real Estate into the Poly "Tian" series products. Upon completion of the transaction, the company and Poly Real Estate can increase their equity stakes in their respective projects, which is conducive to promoting the smooth development of their respective projects
