Shanghai Zhaozhen Real Estate Co., Ltd. has been established with a registered capital of 3 billion yuan. The company, led by legal representative Qi Yanlong, will focus on real estate development, interior decoration, brokerage, and housing rentals.

The new venture is a joint effort between Shanghai Hongrun Real Estate, a subsidiary of China Merchants Shekou, and Suzhou Tengmao Real Estate, a unit of Jinmao Holdings, reinforcing both companies' positions in China’s real estate market.

On December 30, a consortium of Tengmao and Hongrun secured a land plot in Baoshan, Shanghai, with a 2.929-billion-yuan bid,