Real estate company Join-In (Holding) (600745) announced it intends to set up Join-In Mining Investment in Tibet with wholly-controlled subsidiary, Jiangsu Join-In Property, reports China Securities Journal, citing a company filing.

The subsidiary will engage in the mining investment, development, minerals processing, and trading businesses.

Join-In (Holding) will invest 99 million yuan on the new subsidiary and obtain a 99 percent interest, while Jiangsu Join-In Property will spend one million yuan for the remaining one percent stake.

According to plans approved by shareholders, the company will invest 10 million yuan to establish Jiangsu Join-In Commercial Management in Kunshan. The new company will be involved in the leasing management, property management and related businesses.

Join-In (Holding) said the investment will help to develop a new source of earnings growth and will be beneficial to its future financial situation.

Join-In (Holding) said on March 13 it plans to acquire a 55 percent stake in Tibet Taida Housheng Pharmaceutical from Qinghai Gelatin (000606) for 5.8 million yuan.

Join In (Holding) recorded 2011 total revenue of 675 million yuan, of which the real estate sector contributed 590 million yuan.

Source:capitalvue.com