Greenland starts construction on 6 projects worth RMB 12 bln
Greenland Group, a Shanghai-based real estate developer, on Jun. 11 started construction on six residential property projects costing RMB 12 billion and having a combined gross potential floor area of about 1.9 million square meters (sq m) in total in Shanghai and Jiangsu Province, sources reported.
One of the six projects, located near the Bell Tower, Changzhou City, Jiangsu Province, covers a land area of 409 Mu and has a potential floor area of 750,000 sq m. The apartment project will cost RMB 2.6 billion and is the firm's first project in Changzhou City.
The other five residential property projects are all in Shanghai. The property enterprise plans to invest RMB 3 billion in Xuhui District, RMB 2.1 billion in Pudong New District, RMB 1.67 billion in Baoshan District, RMB 2.1 billion in Songjiang District and RMB 820 million in Qingpu District. The floor area of its projects in Xuhui, Nanhui, Baoshan, Songjiang and Qingpu will be 102,000 sq m, 372,000 sq m, 200,000 sq m, 261,000 sq m and 213,000 sq m, respectively.
Greenland Group has announced that it intends to expand into the real estate market in Hefei, Zhengzhou and Xi'an. At present, the firm's projects under construction have reached a record high of 12 million sq m in potential floor area. The company aims to start construction of more than 4 million sq m in 2009.
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