Gemdale has said it has will establish a strategic partnership with ING Real Estate to make investments in China’s property market, with the deal involving the sale of a controlling stake in a Gemdale unit. ‘The two parities will jointly… invest, develop, construct, operate and manage residential or commercial projects in China’s major cities,’ Gemdale said in a statement with the Shanghai Stock Exchange.
Gemdale and ING Real Estate have also agreed to jointly develop a property in Tianjin. ING Real Estate will invest 188 mln yuan in the project through its ING Real Estate China Opportunity Fund, with 137 mln yuan going towards a 51 pct stake in a unit of Gemdale, the project operator, according to the statement.