Beijing Capital Dev't announces JV plans, posts Q3 results

Nov. 6, 2009 (China Knowledge) - Beijing Capital Development Co Ltd<600376>, a real estate developer, on Wednesday announced that it intends to team up with two firms to set up a joint venture in Taiyuan, the capital of Shanxi Province, sources reported.

The Shanghai-listed company will invest RMB 174 million to hold a 58% stake in the JV, while a Shanxi-based property subsidiary belonging to Jingang Group Co Ltd and a Beijing-based investment firm will jointly hold the remaining stake.

Beijing Capital Development's net profit for the third quarter of this year was RMB 88.68 million, up 71.39% year on year. Earnings per share surged 52.54% year on year, hitting RMB 0.08.

In the first nine months, the property enterprise's net profit amounted to RMB 408.95 million and its earnings per share reached RMB 0.45. As of Sep. 30, its total assets were RMB 31.84 billion, whereas it had RMB 22.15 billion at the end of last year.