Shanghai Forte Investment Management Co Ltd said it will combine
forces with Shanghai Vanke Real Estate Co Ltd to jointly develop a
mixed-used real estate project in Pudong New Area, its latest
effort to expand the company's market share in the city.
Forte Investment, a wholly-owned subsidiary of Hong Kong-listed
Shanghai Forte Land Co Ltd, will acquire a 40-percent stake in
Shanghai Dijie Real Estate Ltd while Shanghai Vanke, a subsidiary
of China Vanke Co, the country's largest publicly traded developer,
will hold the remainder, Forte Land said in a recent statement to
the Hong Kong stock exchange.
Total consideration of the deal will reach 2.43 billion yuan
(US$330.6 million), according to the Forte statement.
(Shanghai Daily December 27, 2007)
