[photopress:Glitnir.jpg,full,alignright]The name Glitnir may not ring an immediate bell. It is an Icelandic financial services group. It has now announced a joint venture project with Sinopec’s CGC Overseas Construction, for the development of a residential compound in China.
This is Glitnir’s first real estate joint venture project in China.
Magnús Bjarnason, Executive VP of International Banking in Glitnir in a press release is quoted as saying, ‘We believe this is a landmark transaction for Glitnir in China. We opened our representative office in Shanghai in December last year, and this prominent investment role in China’s booming real estate market diversifies further our already established activities in China in geothermal energy, and in the shipping and seafood industries.’
The development site covers 230,000 square meters in the heart of Shenyang City, the capital of the Liaoning province in northeast China.
The project is scheduled to be completed in two years and is one of the largest residential projects in Shenyang to date.
Glitnir will take a 20% in the new joint venture company, which has yet to be named.
Source: Iceland Review Online