Elad Far East and ZEG will build a housing and commercial project in Jinan, the capital of Shandong Province.
Elad Far East, a subsidiary of Elad Properties, owned by Yitzhak Tshuva, and ZEG Investments will jointly build a housing and commercial project in Jinan, the capital of Shandong Province, China. The two companies will own the project in equal shares.
Elad Far East chairman Pinchas Cohen, a partner in the company, and Elad Tshuva, Yitzhak Tshuva’s son, signed the deal. The company said that the project would comprise 1,750 apartments and extensive commercial space. Construction will take two years and the company estimates proceeds at $210 million.
Tshuva made a strategic decision to invest in China through Elad Far East. The company’s investments, including the Jinan project, total more than $400 million.
Published by Globes [online], Israel business news - www.globes.co.il - on August 15, 2007
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