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ING Real Estate said yesterday it had signed a deal with Shenzhen-based Gemdale Corporation to develop a residential project in Foshan, one of the most populous cities in Guangdong Province.

The Foshan deal is the second joint-venture project between leading global real estate firm ING Real Estate and Gemdale, one of China's largest property developers. The two parties set up a strategic cooperation last year, making their first investment in north China's Tianjin in August.

ING Real Estate's China Opportunity Fund will inject more than US$40 million in the project to give them a 49 percent stake. Gemdale will take the remaining 51 percent.

Located in Foshan's city area, the project, with a gross land area of approximately 110,000 square meters, will be developed into a mainly residential complex to be sold on the domestic market.

It consists of two construction phases scheduled for completion by the end of 2009.

The land lot was acquired by Gemdale last September after it beat down a number of competitors at a price of 751 million yuan, from a starting price of 320 million yuan.

The Chinese developer, listed on the Shanghai Stock Exchange, issued a statement on Tuesday on its new agreement with ING Real Estate.

"It's a move to increase the turnover rate of the fund, enhance the capital utilization efficiency and explore international funding channels," Gemdale said.

Richard van den Berg, managing director and China manager at ING Real Estate Investment Management, said the new project had potential.

(China Daily March 1, 2007)