Construction: ING, Gemdale in property JV
(Shenzhen Daily)
Updated: 2006-08-24 16:30
Shenzhen-based property developer Gemdale Corp. said yesterday it would
form a strategic partnership with a real estate investment unit of ING Group to
explore business opportunities in the world’s fourth-largest economy.
ING, the biggest Dutch financial services provider, and Shanghai-listed
Gemdale Corp. will jointly build and manage residential and commercial real
estate projects in China, Gemdale said. ING will set up a property joint venture
with Gemdale in which ING will invest nearly 137 million yuan (US$17.2 million)
for a 51 percent stake.
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