The companies plan to build a 355,000-sq.m. residential and 23,000-sq.m. commercial complex on the site.
Global Trade Centre Real Estate NV (TASE:GTC) and a local partner have bought an 111-acre lot in Shenyang, China for $38 million. The companies plan to build a 355,000-sq.m. residential and 23,000-sq.m. commercial complex on the site. Construction will begin in November and is expected to take four years. The partners have invested an initial $12 million in equal shares in the project.
This is GTC Real Estate third project in Shenyang: it began construction of a 180,000-sq.m. residential complex in a suburb in August 2005, and it has an 800,000-sq.m. residential and commercial complex. When finished, the three projects will have 1.36 million sq.m. altogether, built at an estimated investment of $400 million.
GTC Real Estate’s share has risen 120% since the beginning of the year.
Published by Globes [online], Israel business news - www.globes.co.il - on October 22, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006