ING Real Estate said 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.

Located in Foshan's city area, the project, with a gross land area of approximately 110,000 square meters, will be developed into a mainly residential complex to be sold on the domestic market.

The land lot was acquired by Gemdale last September after it beat down a number of competitors at a price of 751 million yuan, from a starting price of 320 million yuan.

Source:佚名