November 4 – Shanghai Jiabao Industry and Commerce Group (600622.SH) will cooperate with Everbright Ashmore China Real Estate Fund and Tongchang Shengye Asset Management Consulting Limited to develop a shopping center project in Jiading District, Shanghai.

According to Qian Ming, President of Jiabao Industry and Commerce, the three firms are expected to invest some 800 million yuan in the project. The project has a total development area of 360,000 square meters, including residential area of 240,000 square meters and commercial area of 120,000 square meters.

Jiabao Industry and Commerce earned sales revenues of 250 million yuan in the third quarter and had cash and cash equivalents of 940 million yuan.