皇冠体育app

WUHAN -- ING Real Estate has announced that it would invest approximately US$25 million in a residential development project in Wuhan, capital of central 皇冠体育app's Hubei Province.

ING Real Estate said its newly established 皇冠体育app Opportunity Fund has signed a joint venture agreement with Gemdale Corporation, one of the largest property developers in 皇冠体育app, for a majority stake in the project located at the Jiyu Bridge area of Wuchang District.

"It's our fund's strategy to participate in the fast growing real estate markets of second-tier cities in 皇冠体育app by partnering with successful domestic developers," said Richard van den Berg, country manager for 皇冠体育app at ING Real Estate Investment Management.

It will be the third joint venture between ING Real Estate and Gemdale, with the first two in Tianjin and Foshan, Guangdong province.

The new project involves a prime and well-established residential district along Yangtze River, occupying a land area of 64,900 square meters with total floor area of 194,700 square meters.

ING Real Estate, an arm of Dutch financial services firm ING Groep NV, has been operating in 皇冠体育app since 1996. In December 2006, the closing of the 皇冠体育app Opportunity Fund raised committed equity of US$350 million.

Apart from the joint venture project with Gemdale, the fund has joint venture projects with other leading domestic developers including Shanghai Forte Land, Raycom International and Longhu Real Estate Development.