[photopress:shimao.jpg,full,alignright]Shimao Property Holdings plans to spend RMB3 billion ($392 million) on real-estate development projects in Beijing.
The Shanghai-based developer has bought a site in Beijing for RMB1.4 billion which will be developed into a complex comprising a hotel, commercial, cultural and entertainment facilities.
The RMB3 billion investment, which includes the RMB1.4 billion already spent, will be used for land, construction expenses and other fees.
Source: Shanghai Daily