Zhongmin Baihui (China) Retail Group, a wholly-owned subsidiary of Zhongmin Baihui has signed an agreement with Mingfa Group (Zhangzhou) to form a 50/50 joint venture company (JVC) on March 6.

The new JVC will have a registered share capital of RMB20 million ($4.1 million).

The joint venture company will market, operate and manage Zhangzhou Mingfa Commercial Square, which has a gross floor area of 192,494.16 sqm (built-up area of 224,518.93 sqm), for a period of 20 years.

SEE:Customers can now order Zhongmin Baihui’s supermarket products online

Zhongmin Baihui had previously signed two agreements with Zhangzhou Mingfa to own, manage and operate Zhongmin Baihui Zhangzhou Longwen Store with a gross floor area of 43,700 sqm located at the same site.

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The two previously signed agreements with Zhangzhou Mingfa on May 3, 2011, and Dec 23, 2019, pertaining to a property at the same site shall be terminated.

Shares in Zhongmin Baihui closed 3 cents higher or 4% up at 78 cents on March 12.