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)