[photopress:Chongqing.gif,full,alignright]The ING Real Estate China Opportunity Fund has signed a joint venture agreement with Longhu Real Estate Development for a residential site in Chongqing in western China.
ING Real Estate will invest US$35 million for a 49% stake in the project which is located in an area to be developed as the city’s third central business district. The site has a total land area of 112,000 square meters.
Richard van den Berg, Country Manager of China at ING Real Estate Investment Management, said, ‘Chongqing is one of the fastest growing second-tier cities targeted by our fund with strong end user demand and disposable income. To participate in the real estate markets in China, it is important that our fund can leverage the local expertise of successful developers, such as Longhu’.
Longhu is a major developer in western China which focuses on mid- to high-end residential projects and commercial developments in Chongqing, Chengdu and Beijing.
Source: PR ING Real Estate