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ING Real Estate & Gemdale Corp, Joint Development in China
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Tuesday, 22 August 2006

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ING Real Estate is to embark into a partnership with Gemdale Corporation to control China's stock market regarding the sale of a Gemdale division. Together, they are going to engage in major infrastructural developments and operations in China. A joint project development in Tianjin is also to be expected.

The venture will bring forth  23.5 M $ from ING Real Estate, 73% of which will be placed under the stake of the Gemdale, as it would be spearheading the operations. From the collaborations, Gemdale forecasts a 4.375 M $ tax gain from the undertaking.

 

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