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Surbana Jurong, Vanke sign MOU to jointly develop industrial new towns in China

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Land developer China Vanke Co posted a 33.5 per cent rise in first-half core profit, helped by a property boom and higher margins, and said it expected the market to cool.

TEMASEK-owned Surbana Jurong has signed a memorandum of understanding (MOU) with a unit of China Vanke, Vanke Industrial Town Midwest (Vanke), to jointly develop industrial new towns in China's midwest regions.

According to the firms, an industrial new town is an urban development model in China which integrates industrial developments and urban living. It aims to create sustainable cities for residents to live and work in.

The first project that both parties will work on is Vanke's Jianzhou Dream Town in Chengdu, with Surbana Jurong providing the design for the city.

This partnership will combine Surbana Jurong's global expertise in planning, design and engineering consultancy, with Vanke's experience in China's real estate development and management.

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Commenting on the agreement, Teo Eng Cheong, Surbana Jurong's CEO (International), said that "designing sustainable cities that integrate work and play is a hallmark of Surbana Jurong", and that the firm is proud to partner Vanke in the sustainable long-term development of Chengdu.

Separately, Wang Haiwu, China Vanke's senior vice-president, said: "Vanke is committed to develop the midwest regions to bring about sustainable growth for the regional economy. Our mission here is to focus on developing the city, while supporting industries and the government."

Added Mr Wang: "Our partnership with Surbana Jurong is another big step towards people-focused development, and we will jointly advance industrial new town concepts that will be the benchmark of sustainable living."

Beyond this agreement, both partners will also explore setting up a joint venture.

Surbana Jurong is an Asia-based urban, industrial and infrastructure consulting firm.

China Vanke Co is a real estate company and urban development service provider in China. It is listed on the Hong Kong Stock Exchange and also a Fortune 500 company.