THE Shanghai Urban Development (Group) Co Ltd, one of the city's largest state-owned real-estate developers, will tap into the booming commercial property sector.

It aims to establish itself as an integrated industry leader in the Yangtze River Delta region with total assets reaching 10 billion yuan (US$1.3 billion) by 2010.

The company, which yesterday launched its first Grade A office project - the Urban Development International Tower in downtown Xujiahui area - will also build hotels, retail outlets and industrial properties in the future as part of its diversification strategy, said General Manager Ni Jianda.

At present, the group mainly focuses on residential development.

The 17-story Urban Development International Tower, adjacent to the Grand Gateway and scheduled to be completed in October, is among the first phase of projects of the Xujiahui Center, a 20-billion-yuan commercial project, probably the city's largest upon completion, according to media reports.

Local statistics show that investment in office properties jumped 27.3 percent in the first quarter of this year, as compared to the 19.8 percent growth in the whole real estate sector.

Source:佚名