By Joanne Chiu

Future Land Development Holdings Ltd. (1030.HK) has agreed to jointly develop a site in China's Suzhou city with Country Garden Holdings Co. (2007.HK).

The Hong Kong-listed property developer said after markets closed Monday that it had agreed to sell a 50% stake in Suzhou Golden Century Real Estate Co. to a unit of Country Garden for 565 million yuan ($81.8 million).

The disposal allows the two companies to jointly develop the site in Suzhou into residential and hotel properties.

Write to Joanne Chiu at

(END) Dow Jones Newswires

November 28, 2016 20:31 ET (01:31 GMT)

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