Novel Era Holdings Limited, a wholly-owned subsidiary of Colour Life Service Group Co., Limited (01778. HK) entered into an cooperation agreement with the Vietnamese Phy My Hung Development Corporation to set up a joint venture (JV) in Vietnam, according to the listed company's filing to the stock exchange.
Under the agreement, the JV will be engaged in the development of a cloud platform for online to offline (O2O) business in Vietnam.
Upon the establishment of the JV, Novel Era and the Phy My Hung Development Corporation will, respectively, own 33.33 percent and 66.67 percent of the equity interest in the JV.
Colour Life will provide technical support for the development of the JV's smart technology-based property management could platform, while the Phy My Hung Development Corporation will inject some property management projects into the Joint Venture, according to the company are filling.
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