The company and its partners will build a €95 million mixed residential and commercial project in Changzhou.
Global Trade Centre Real Estate NV (TASE:GTC) subsidiary GTC Real Estate China Ltd. and two partners have won a tender to buy a lot in the central Chinese city of Changzhou. This is GTC's fourth project in China; it is also operating in Chengdu, Shenyang, and xian.
GTC China and Lucky Hope Ltd. each own 45% of the project and a Hong Kong-based partner owns the other 10%. The companies bought the 104,000-square meter lot for €18.4 million. They plan to build a 290,000-square meter mixed residential and commercial project on the site at an estimated cost of €95 million. Construction is due to begin in 2009 and take three years.
Changzhou, in Jiagnsu Province, has 3.5 million residents.
GTC Real Estate fell 5.5% on the TASE today. It is a subsidiary of Kardan NV (TASE: KRNV;AEX:KARD).
Published by Globes [online] copyrights, Israel business news
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