Ground was broken November 10 to mark the start of construction on the H2 housing project in Guangzhou Science City, a project being jointly developed by Top Glory International, a COFCO subsidiary, and Vanke. This is the first time for COFCO to team up with the Vanke Group and represents an important milestone in domestic financing for such a large real estate project.
The project, which is located within the Guangzhou Science City and occupies an area of 330 mu, will feature low-density high quality housing. Science City is located in the northeast section of the city and is the core of high tech production, education and research in the district. These facilities are supplemented by a small amount of low-density, ecologically friendly housing in a modern, multifunctional zone.
COFCO chairman Ning Gaoning, speaking at the foundation laying ceremony, said that working with Vanke, a company with brand names recognized throughout the Chinese real estate industry, will inject new vigor into COFCO’s real estate business. It also marks another step in the gradual strengthening of COFCO’s real estate business following on many years experience in the industry.
Wang Shi, chairman of the Vanke Group, also attended the ceremony.
Before this deal was concluded, Top Glory International had already successfully developed and built the “Metro Paradise” housing project in Guangzhou.
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COFCO Joins Hands with Vanke to Develop Guangzhou Real Estate Project
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