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 joanne.chiu@wsj.com

(END) Dow Jones Newswires

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

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