This is GTC Real Estate’s fourth project in China.
Global Trade Centre Real Estate NV (TASE:GTC) has leased a 115-acre lot from the Shenyang Puhe New City Administration for $55 million. The Shenyang Administration will gradually rezone the land from agriculture for 920,000 sq.m. of residential space over the next two years. GTC estimates the cost of the project at $250 million.
GTC will carry out the project through sub-subsidiary Shenyang TaiYing Real Estate Development Ltd., held through GTC Real Estate China Ltd. GTC China owns half of Sheyang TaiYing.
This is GTC’s fourth project in China and the third in the Shenyang area, all in partnership with Lucky Hope in equal shares. When completed, the four projects will comprise 2.25 million sq.m. of space, built at a cost of $650 million.
Published by Globes [online], Israel business news - www.globes.co.il - on February 7, 2007
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