Philippine property giant Ayala Land to invest US$220 mln in China's eco-city
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Ayala Land Inc. (ALI), the Philippines biggest property firm, is venturing in China's property market by investing 220 million U.S. dollars to develop a 9.78-hectare residential complex in Tianjin Eco-City.
Tianjin Eco-City, located 40 km from the Tianjin city center and 150 km from Beijing, is a 3,000-hectare collaboration between the Chinese and Singaporean governments to develop an environment- friendly city in China.
In a disclosure issued Tuesday, ALI said its wholly-owned subsidiary Regent Wise Investments Limited and the Sino-Singapore Tianjin Eco-City Investment and Development Co., Ltd. (SSTEC) have signed an equity joint venture agreement for the development.
The Tianjin Eco-City is a public-private sector partnership that will show to the world what can be achieved when the best developers from the region collaborate with two very progressive and forward-thinking governments, ALI President and CEO Antonino Aquino said in a statement.
ALI plans to develop more than 1,100 units within a 19-tower residential complex. The project will be constructed in two phases. The first phase, comprising 11 towers, will start by end-2010 and is expected to be completed within 20 months. The project will be designed by the California-based AECOM, one of the top U.S. design consultants.
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