[photopress:Guocoland_in_Shanghai.jpg,full,alignright]Malaysian billionaire Quek Leng Chan controls Guocoland Ltd, which is a Singapore-based developer. It may double its investment in China this year to US$5.4 billion investing the money in building new homes. (The illustration is of one of its developments in Shanghai.)
Violet Lee, managing director of GuocoLand China, said in Beijing said Unit GuocoLand China Ltd is in talks about several projects in Tianjin, Beijing and Shanghai.
Violet Lee gave a very vivid description of the demand. She said:
‘I’m not building enough to meet China’s demand. With this rate of urbanization, there’ll always be this continuous demand for housing.’
She said Guocoland China also plans to expand into the management of properties and real estate investment trusts by 2010.
Violet Lee said, ‘The market is just enormous. The appetite is there, the need is there.’
In a statement to the Singapore stock exchange GuocoLand announced that it had agreed to purchase a 90% stake in Beijing Cheng Jian Dong Hua Real Estate Development Co for RMB5.8 billion ($750 million.)
Beijing Cheng Jian owns the development and land use rights to the Dongzhimen site, a 106,000 square meter parcel in central Beijing. The property will be developed into a retail, hotel, office and residential complex with up to 600,000 square meters.
Source: China Daily