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Mainboard-listed Chinese property developer Ying Li International Real Estate on Wednesday announced it has signed a memorandum of understanding (MOU) to develop a mixed-development property in Jiangjin district of Chongqing. The initial investment is estimated to be about 1.8 billion yuan (S$387 million).
The MOU was signed with Chongqing City Shangfu New Area Administrative Committee and Chongqing Hardware & Electrical Industry Association Alliance (CHEIAA), and is in line with Chongqing government's plan to relocate more than 180 medium and large-sized wholesale centres from Chongqing's Central Business District to the secondary ring of the city.
With a gross floor area (GFA) of 1.6 million square metres, the property will comprise the Ying Li International Hardware and Electrical Mall, hotels, residential development and a logistics distribution centre.
Ying Li has already registered interests from more than 900 prospective buyers, representing a sellable GFA of 0.5 million square metres.
The project is expected to commence in the first quarter of this year, and estimated to be completed over the next 2-3 years.
On Wednesday, Ying Li's counter closed at S$0.255, down 1.92 per cent.