Business Activities News
- Gemdale, ING in property venture
Date: 22-Mar-2007 Sources: (Shenzhen Daily)
SHANGHAI-LISTED property developer Gemdale Corp. said it had set up a venture with a unit of Dutch financial services firm ING Groep NV to develop a property project in Central China.
Gemdale will hold 18.4 percent of the venture, capitalized at 228.64 million yuan (US$29.54 million), with a subsidiary of ING Real Estate taking the remaining 81.6 percent, it said in a statement yesterday. The project in the city of Wuhan covers an area of roughly 64,900 square meters. Gemdale bought the land last year for 546 million yuan.
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