Business Activities News
- Gemdale, ING in real-estate venture
Date: 1-Mar-2007 Sources: (Shenzhen Daily)
SHENZHEN-BASED developer Gemdale Corp. said Tuesday it had teamed up with ING Real Estate to develop a property project in the southern city of Foshan.
Under an agreement signed last month, the property investment arm of the Netherland's ING Groep will invest US$40.62 million to have a 49 percent interest in the residential and commercial project in Guangdong Province, Gemdale said in a statement. The project has a land area of 110,216 square meters and will have a construction area of up to 220,432 square meters, it said. Foreign property investors have poured billions of dollars into China's property market. ING Real Estate said early this month that it expected China's second-tier cities to become the main attraction for foreign property investors as returns in major cities stagnate following rapid investment.
Sponsor Results:
