China Renji Medical Group (00648) said its non-wholly owned subsidiary will invest Rmb75 million for an effective interest of 12.5% in a health and elderly care project.
The investment partner will, through an investment company in which it has 80% equity interest, invest Rmb480 million in the first phase of a development project with a site area of about 1 million square metres (and a gross floor area of 500,000 square metres) located in Longjiao Bay, Fujian Province. Longjiao Bay is renowned for its bay view and is known as "The Best Bay in South Sea" and "The Best Beach in China". Since it is designated to be developed into a region for tourist, vacation, recuperation and elderly care, Longjia Bay has been planned as a pollution-free zone by the PRC government. The aforesaid development project will be developed into a high-end tourist, health preservation and elderly care zone, comprising a number of development projects including, serviced apartments, tourist facilities (hotel(s), elderly care and rehabilitation facilities (hospital(s), club house(s) with gym facilities).
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