Shanghai, China-based Wanye Enterprises has announced that it is planning to set up a joint venture named Wanye Real Estate Development in Wuxi, Jiangsu Province together with its subsidiary Xincheng Construction Development which is based in the district of Baoshan in Shanghai.
Wanye Real Estate Development is expected to operate a iron ore mining program in Indonesia. Wanye Enterprises and Xincheng Construction Development will respectively hold 49 percent and 51 percent stakes in the new company. The total investment in the iron ore mining program is expected to reach RMB 1.009 billion ($155 million).