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Ying Li expands into Beijing with 559 million yuan investment
YING Li International Real Estate on Wednesday said it would expand into other first-tier cities outside of Chongqing, China, for the first time, with its investment in the Beijing Tongzhou Project with China Everbright Limited.
This will be done by investing 559 million yuan (S$119 million) in Shanghai Zhao Li Investment Centre LLP that would give it a "limited partnership interest". The centre would then effectively invest in the project. Ying Li did not give a clear breakdown of its eventual stake in the Beijing Tongzhou Project, but said the group will partner with China Everbright and other joint investors to invest 7.2 billion yuan in total in the project.
The Beijing Tongzhou Project comprises the development of apartments, office buildings and and retail malls located in the central area of the Beijing Tongzhou District. The project is still in its initial stage, and is expected to commence pre-sales from 2015.