Hefei Urban Construction Development (SHE:002208), through subsidiary Hefei Gongtou Industrial Technology Development, plans to set up a joint venture, the company said in a Friday disclosure on the Shenzhen Stock Exchange.

The venture, Hefei Gongtou Intelligent Manufacturing Industrial Park, will be a real estate developer and construction engineering services provider and will have a registered capital of 200 million yuan.

The joint venture will be invested with park management services provider Hefei Zhirong Industrial Park Management.

The real estate developer will own 70% and Zhirong Industrial Park will hold 30% of the venture after investing 140 million yuan and 60 million yuan, respectively, the disclosure said.

Hefei Urban Construction Development's shares closed 2% lower.