Shenyang / China
Elad, ZEG in 2nd joint Chinese real estate venture
The companies predict $460 million proceeds from a residential and commercial project to be built in Shenyang.
Elad Far East, a subsidiary of Elad Properties, owned by Yitzhak Tshuva, and ZEG Investments have set up a joint venture, owned in equal shares, to build a $150 million residential and commercial project in Shenyang (Mukden), the capital of Liaoning Province in the northern Chinese region of Manchuria.
The joint venture will build 4,000 apartments and shopping centers. They predict $460 million proceeds from the project.
Tshuva decided on entering the Far Eastern real estate market, with an emphasis on China two years ago, through Elad. Elad has been in negotiations with real estate and investment companies on joint projects ever since. In August, Elad Far East and ZEG set up a joint venture to build a residential and commercial project in Jinan for $210 million. The companies expect proceeds of more than $400 million.
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