(China Daily)
Updated: 2007-07-27 13:29

Beijing North Star Co, a Beijing-based real estate developer, said its venture with another developer has agreed to buy a building site in Changsha for 9.2 billion yuan(US$1.22 billion).

Beijing North Star will own 80 percent of the venture in Changsha, the capital of Central China's Hunan Province, with Beijing City Development taking 20 percent, the company said in a statement to Hong Kong's stock exchange yesterday.

The site will be developed for both residential and commercial use, with a maximum of 3.8 million square feet of completed floor space.

The acquisition is the first step by Beijing North Star to expand its real estate development business to Chinese cities other than Beijing, according to the statement.