GTC China and partners plan a mixed-use project in Hangzhou.
GTC Real Estate China Ltd., a unit of Kardan NV (TASE: KRNV;AEX:KARD) subsidiary Global Trade Centre Real Estate NV (TASE:GTC), is participating in a €155 million project in Hangzhou. The company owns half of the project, while Geely Group Co. Ltd. owns 40% and Neoinvest Asia SL will own 10%.
The companies won a tender to buy a 10,400-square meter lot with 109,400 square meters in building rights. The companies plan to build a mixed-use project including 84,000 square meters of residential space and 25,000 square meters of office and commercial space. GTC believes that construction will begin in the second half of 2009 and take three years.
Hangzhou is in the Zhezhiang Province, located on the Yangtze River upriver from Shanghai. It is one of the target cities that GTC mentioned in its investors presentation earlier this month.
Published by Globes [online], Israel business news - www.globes-online.com - on July 30, 2008
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