Ying Li signs MOU to develop mixed-property in Jiangjin, Chongqing
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
JPMorgan promotes about 150 in Asia, EMEA to managing director
Brokers’ take: Analysts upgrade iFast’s rating on higher growth expectations
Stellantis misses forecasts with 12% revenue drop in Q1, sees stronger H2
L'Occitane's billionaire owner Geiger to take firm private in US$1.8 billion deal
Australian budget airline Bonza collapses, passengers stranded
HSBC CEO to retire; bank reports 1.7% lower Q1 profit of US$10.8 billion