By Amy Lam
HONG KONG (Jan 26) -- Telecommunication-equipment maker ZTE said it agreed on Thursday to sign a definitive agreement with a unit of China Vanke by Feb. 9 for construction and operational services at a land site in Shenzhen.
ZTE had in June said that it acquired the land use rights for the site in the southern Chinese city, which has an area of 47,731 square meters, for 3.54 billion yuan ($560 million) through an auction. ZTE said at the time that it intends to develop the land into commercial complex buildings for the office premises of ZTE, or for investment purposes.
ZTE shares were up 1% by Friday noon in Hong Kong, while Vanke shares added 0.8%. The benchmark Hang Seng Index was up 1.3%.
- By Amy Lam; email@example.com; +852 3960 5150
- Edited by V. Phani Kumar
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