CR Land definition
Examples of CR Land in a sentence
As of the date of this announcement, the Company is held as to approximately 72.29% by CR Land and CR Land is indirectly held as to approximately 59.55% by CRH, which is in turn indirectly wholly owned by China Resources Company Limited.
By virtue of CRC being the controlling shareholder of both the Group and CR Land Group, CR Land Group is an associate of a connected person of the Group under the Listing Rules.
He was appointed as a non- executive director of CR Land, CR Cement and CR Gas, all of which are listed on the Main Board of the HKEx, in August 2014.
However, pursuant to Rule 14A.81 of the Listing Rules, the Transactions contemplated under the Agreements shall be aggregated given (1) the Agreements are or will be entered into by the wholly-owned subsidiaries of the Company and the wholly-owned subsidiaries of CR Land; (2) the Transactions will be entered into within a 12-month period; (3) the Transactions involve the construction and development of the Land.
CR Land Group is principally engaged in development of properties for sale, property investments and management, hotel operations and the provision of construction, decoration services and other property development related services in the PRC.
CR Land Shenzhen is incorporated in the PRC with limited liability and is a wholly-owned subsidiary of CR Land.
In light of the latest discussion with CR Land and CR Land’s associates, the Company and CR Land entered into the Supplemental Agreement on 7 December 2022.
As at the date of this announcement, the JV is owned as to 60% by CR Land Holdings, 20% by ▇▇ ▇▇▇▇▇▇▇▇ and 20% by ▇▇ ▇▇▇▇▇▇▇.
As the term of the Amended ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Operational Services Framework Agreement is from 1 January 2023 to 31 December 2037, the Company and CR Land will negotiate the annual caps of the service fees payable by CR Land for 2026 and onwards closer to the end of 2025.
The abovementioned service fees would be calculated with reference to all costs required to complete the overall works of the Project, being the full performance of CR Land Shenzhen’s obligations under the Construction Agreement to construct the overall works of the Project in a serviceable condition to the construction standard as agreed in the Construction Agreement (the “Target Costs”): (1) If the actual costs have exceeded the Target Costs by 2%, ▇▇ ▇▇▇▇ has the right to deduct 5% of the service fees.