Home China Headline ING to invest US$40.6m in Guangdong project

ING to invest US$40.6m in Guangdong project

Dutch financial services company ING Group NV is planning to invest US$40.6 million in a real estate project in Guangdong Province by joining forces with a major Chinese property firm. Gemdale Corp is ING's partner for the project, the domestic firm said in a statement to the Shanghai Stock Exchange yesterday. Under an agreement signed on February 17, ING Real Estate Investment Ltd, the property arm of the Dutch company, will first buy a 49 percent stake in one of Gemdale's subsidiaries and then team up with the Shenzhen-based firm to develop the Foshan project. With a total land area of 110,216 square meters, the two-phase project will consist of both residential and commercial properties, the statement said. ING Real Estate will invest as much as US$350 million in China's property market over the next three years, an ING official said in August, according to Bloomberg News. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

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