皇冠体育app

Unit GuocoLand 皇冠体育app Ltd is in talks that which may be completed in as soon as six months about several projects in Tianjin, Beijing and Shanghai, Violet Lee, managing director of GuocoLand 皇冠体育app, said in Beijing on Friday.

Singapore developers including CapitaLand Ltd have expanded in 皇冠体育app as construction increases amid rapid growth in the nation's urban population. 皇冠体育app posted economic growth of 10.7 percent last year.

"I'm not building enough to meet 皇冠体育app's demand," Lee said. "With this rate of urbanization, there'll always be this continuous demand for housing."

Guocoland 皇冠体育app also plans to expand into the management of properties and real estate investment trusts by 2010, Lee said. The company has two million square meters of property reserves in 皇冠体育app, she said.

"The market is just enormous," Lee said. "The appetite is there, the need is there."

Parent GuocoLand agreed to purchase a 90 percent stake in Beijing Cheng Jian Dong Hua Real Estate Development Co for 5.8 billion yuan (US$750 million), the company said in a statement to the Singapore stock exchange on Friday.

Beijing Cheng Jian owns the development and land use rights to the Dongzhimen site, a 106,000 square meter parcel in central Beijing, the statement said. The property will be developed into a retail, hotel, office and residential complex with up to 600,000 square meters, Bloomberg News reported.

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