BEIJING, July 30, SinoCast -- Chinese property developer Capital Development (SHSE: 600376) on July 29, 2010 issued three announcements, saying that it has spent a total of CNY 405 million on the establishment of three subsidiaries in attempt to start the development and construction of current land and seek for new land reserve.

In order to accelerate the development and construction of three plots of land in Longdongbao, Guiyang obtained on June 30, the listed company spent CNY 200 million establishing a real estate development subsidiary in Guiyang, in which the parent company takes a 100% stake.

At the same time, the listed developer spent CNY 200 million building a property subsidiary in Mianyang, Sichuan Province, in which it takes a 100% stake, in attempt to seek for new land reserves, and established a joint venture firm with a local developer in Mianyan. The joint venture has registered capital of CNY 10 million, in which the Shanghai-listed company takes a 51% stake.