Bureaus Exclusive

European real estate retailer launched first program in C China

By Guo Rui and Ding Chunsun (China Daily Hubei Bureau)
Updated: 2010-11-20 14:02

Redevco Asia Co Ltd, which is an expert in retail real estate of Europe, launched its Chinese first flagship project on Thursday in Wuhan, the capital of Central China's Hubei province.

It cooperated with Shui On Land Limited (SOL), a high taste real estate company on the Chinese mainland, and they have invest 9,000 million yuan respectively. The total investment of 1.8 billion project will become the landmark shopping center in Central China with the area of 110,000 square meters.

Ruan Chengfa, mayor of Wuhan, Brenninkmeyer, chairman of Redevco, Vincent Hong Sui Lo, chairman of SOL group attended the project foundation ceremony.

"In the first half of this year, Wuhan's GDP has risen by 15.5% and the total retail sales of commodities 19.2%. We hold optimistic idea towards Wuhan's commercial growth," Mr. Lo said.

"As a property investor with an experience of more than 150 years, Redevco has long paid its attention to the Asian market and regarded Asia as its second largest market. The partnership with SOL is its first step into China," said Robert T. Lie, the manager of Redevco.