Gemdale partners with ING Real Estate

Gemdale Corp said it will establish a strategic partnership with ING Real Estate to invest in China's property market, with the deal involving the sale of a controlling stake in a Gemdale unit, Forbes reported. The two parities will jointly... invest, develop, construct, operate and manage residential or commercial projects in China's major cities,' said Forbes, quoted Gemdale as saying. Gemdale and ING Real Estate have also agreed to jointly develop a property in Tianjin. ING Real Estate will invest 188 million yuan (23.5 million US dollars) in the project through its ING Real Estate China Opportunity Fund, with 137 million yuan (17.1 million US dollars) going towards a 51 percent stake in a unit of Gemdale, the project operator, according to the statement.