Shenzhen-based property developer Gemdale Corp. said yesterday it would form a strategic partnership with a real estate investment unit of ING Group to explore business opportunities in the world¡¯s fourth-largest economy.

ING, the biggest Dutch financial services provider, and Shanghai-listed Gemdale Corp. will jointly build and manage residential and commercial real estate projects in China, Gemdale said. ING will set up a property joint venture with Gemdale in which ING will invest nearly 137 million yuan (US$17.2 million) for a 51 percent stake.

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