Global Trade Centre Real Estate NV (TASE:GTC) subsidiary GTC Real Estate China Ltd. and Lucky Hope have won a tender for land for their fifth joint project. The companies bought in equal shares a 260,400 square meter lot in the city for €35 million on which they plan to build a 650,000-square meter residential and commercial project for €150 million.
GTC China expects to construction to begin in the second half of this year and take four years.
GTC China and Lucky are already building four projects in Changzhou, Chengdu, Shenyang, and Xian with more than 2.6 million square meters altogether. Shenyang, located in the Liaoning Province in northeast China, has a population of 7.2 million.
GTC Real Estate is a subsidiary of Kardan NV (TASE: KRNV;AEX:KARD). GTC rose 1% and Kardan was up 0.6% by midday on the TASE. GTC also has extensive activity in Europe through Global Trade Centre Poland SA (WSE:GTC) (GTC Poland) and its subsidiaries, and has also launched activity in India.
Published by Globes [online], Israel business news - www.globes-online.com - on February 18, 2008
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