Core Viewpoint - China Jinmao (00817) has entered into capital increase agreements with Poly Real Estate and Beijing Manmao, enhancing their stakes in two project companies, Beijing Chaoxin and Beijing Manmao, which are focused on residential development in Beijing [1][3]. Group 1: Capital Increase Agreements - Beijing Jinmao's indirect wholly-owned subsidiary, Beijing Chaoxin, will invest RMB 350 million, while Poly Real Estate will invest RMB 2.15 billion in Beijing Chaoxin, resulting in ownership stakes of 30% and 70% respectively [1]. - In the second capital increase, Beijing Jinmao will invest RMB 2.15 billion in Beijing Manmao, while Poly Real Estate will invest RMB 350 million, leading to ownership stakes of 70% and 30% respectively [1]. Group 2: Land Acquisition and Development Plans - On February 11, 2025, Beijing Jinmao and Poly Real Estate formed a joint venture to acquire land use rights for Beijing Chaoxin and Beijing Manmao at a total price of RMB 8.7295 billion, with respective land prices of RMB 4.3095 billion and RMB 4.42 billion [2]. - The total area for both land parcels is approximately 68,996 square meters, with a planned gross floor area of about 172,936 square meters, designated for residential use [2]. - The Beijing Chaoxin site will develop residential projects and a kindergarten, scheduled for completion in January 2027, while the Beijing Manmao site will focus on residential projects, expected to be completed by December 2026 [2]. Group 3: Product Development Strategy - The Beijing Manmao site will feature Jinmao's "Man" series products, while the Beijing Chaoxin site will showcase Poly Real Estate's "Tian" series products, enhancing both companies' project management capabilities [3].