ING Real Estate signs Foshan deal
By Chen Hong | China Daily | Updated: 2007-03-01 07:03
SHENZHEN: ING Real Estate said yesterday it had signed a deal with Shenzhen-based Gemdale Corporation to develop a residential project in Foshan, one of the most populous cities in Guangdong Province.
The Foshan deal is the second joint-venture project between leading global real estate firm ING Real Estate and Gemdale, one of China's largest property developers. The two parties set up a strategic cooperation last year, making their first investment in North China's Tianjin in August.
ING Real Estate's China Opportunity Fund will inject more than $40 million in the project to give them a 49 percent stake. Gemdale will take the remaining 51 percent.
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