The new unit will takeover the subsdiary's land parcels.

GuocoLand?s subsidiary GLL Chongqing 18 Steps (GLL CQ) has established a new China unit, Chongqing Xin Hao Ren Real Estate Development to undertake the company?s land parcels, said in its bourse filing.

In December 2019, GLL CQ was awarded a land tender of the construction land use right for land plots number C13-1, C14-1, C48-1-1 and C48-1-2 situated in Liangjiang Xinqu of Chongqing Yubei District Area.

The registered capital of the new subsidiary is said to be at $262.15m (RMB 1.3b).