New World China Land Ltd. said its parent, New World Development Co. Ltd., will take half of its interests in four Chinese properties whose estimated development cost totalled HK$5.91 billion ($760 million).

Any contribution to the project companies would be shared equally between New World China and Solar Leader Ltd., a wholly owned unit of New World Development, the company said.

The participation of Solar Leader will reduce New World China's financial commitment and allow the company to reserve its resources for other potential applications, it added.

New World China and Solar Leader will jointly develop residential projects located in Beijing and Chengdu in Sichuan province. They would also develop residential and commercial premises in Guizhou's Guiyang city and Changsha, in Hunan province.

New World China is 70 percent held by Hong Kong-based blue chip developer New World Development.

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