L.C. Development, through its wholly-owned subsidiary, L.C. Logistics, has succeeded in a joint bid to develop a mixed development project in Xuzhou city, situated in the northern part of Jiangsu province, China.

The project is located at the edge of the city centre known as the Gu Lou District. The total area is about 839,585 sqft with an intended development floor area of 2.98 million sqft. The proposed development will consist of residential, commercial and hotel components with varying periods of land-use rights.

The project was secured by L.C. Development’s Chinese joint-venture through a joint bid of RMB 300 million ($62.1 million), of which RMB 200 million ($41.4 million) has already been paid as a deposit. LC Dev has funded in cash RMB 120 million ($24.9 million) of this deposit.

LC Development’s share of the land cost amounting to RMB 165 million ($34.2 million) will be funded by internal resources and external borrowings.