|
GIC Real Estate Pte Ltd (GIC RE), through its affiliate, has signed an agreement to acquire a 40% stake in Chengdu Vanke Property Co. Ltd, a subsidiary of China Vanke Co. Ltd, to develop Vanke Xin Cheng, a residential project in Chengdu, China.
Vanke Xin Cheng project is located in the south-east of Chengdu city. With a land area of 308,000 sqm and plot ratio of 2.3, the total Gross Floor Area (GFA) amounts to 708,400 sqm. Vanke acquired the piece of land through a public auction organized by Chengdu Municipal government.
China Vanke Co. Ltd is one of the leading residential developers in China. It was founded in 1984 and is listed in Shenzhen Stock Exchange since 1991. Vanke now operates in 19 cities in China.
Dr. Seek Ngee Huat, President of GIE RE said, “This transaction represents GIC RE’s continued confidence in the residential sector in China. We trust this joint-venture project will mark the beginning of a long-term partnership with Vanke.”
Headquartered in Singapore, GIC Real Estate Pte Ltd (GIC RE) is a pre-eminent global real estate investment manager. The company manages a multi-billion dollar portfolio of direct and indirect property investments worldwide. GIC RE is the real estate investment arm of Government of Singapore Investment Corporation (GIC) which manages the foreign reserves of Singapore.
For further information, please contact:
Ms Tan Chor Hwa
Executive Vice President
Head, Administration and Corporate Affairs
or
Ms Celeste Tay
Vice President,
Administration and Corporate Affairs
GIC Real Estate Pte Ltd
168 Robinson Road #37-01
Capital Tower
Singapore 068912
Tel: (65) 6889 8888 (Main)
Website: www.gicre.com
|
|
