[photopress:Wuhan_downtown_park_2.jpg,full,alignright]Shanghai Forte Land, the property developer and retailer, plans to buy a 70% stake in a Wuhan residential project for RMB7 billion.
It is unknown how much Shanghai Forte will be paying for the stake, except that the developer would invest RMB 233 million into developing the site, which has a total gross area of 1.06 million sq m.
In a statement filed to the Hong Kong Stock Exchange, Forte said the project would be a joint venture with Yu Yuan Shang Cheng Real Estate.
The South China Morning Post reported that the site, which is situated on prime location, 147 Zhong Bei Road, Wuhhan district, fetched a total of RMB3.5 billion in a government auction in January.
With an approximately RMB 7 billion invested, the project would be built at an average cost of RMB6,603 per sq m.
Shanghai Forte specializes in private residential properties catering to the mass residential property market in Shanghai.
[photopress:Sir_Charles_Forte.jpg,full,alignright]As far as can be ascertained the name Forte does not have anything to do with the hotel company. It is possibly derived from the original Foshan company which set it up. In some ways a pity because the original Forte company was intensely colorful and full of stories.
At a lunch at the Forte property The Excelsior Sir Charles Forte sat in regal splendor. Everything went well until, at the end of the meal, he thanked the head waiter. Who replied, ‘Thank you, Sir Charlie.’
Sadly, despite serious research, I can find no connection between the two companies.
Source: China Knowledge