ING in southern China real estate venture with Gemdale |
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Published
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Tue, 27 Feb 2007 02:09
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BEIJING (XFN-ASIA) - Gemdale Corp (SHA 600383) said it has tied up with ING Real Estate to develop a property project in Foshan in southern China's Guangdong province.In a statement filed with Shanghai stock exchange, the company said ING Real Estate will invest 40.62 mln usd to take a 49 pct equity interest in the residential and commercial project with Gemdale holding 51 pct.The project covers an area of 110,216 square meters. Floor area will be up to 220,432 square meters, it said.In August, Gemdale and ING Real Estate also agreed to invest 325 mln yuan to jointly develop a property in Tianjin.ING Real Estate in December raised 350 mln usd in China to fund medium-cost housing in first and second tier cities.(1 usd = 7.75 yuan)kelly.zang@xfn.comING Real Estate, with a total business portfolio of $100 billion worldwide, in December raised $350 million for residential development in China.The China fund also has joint venture projects with domestic developers such as Shanghai Forte Land (2337.HK: Quote, Profile , Research) and Raycom International.
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