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Sumitomo Corp Joins Large-Scale Real Estate Development in Shanghai
 

Tokyo, Aug 6, 2010 (JCN) - Sumitomo Corporation has been granted approval to participate in a large-scale real estate development project currently under way in Shanghai, China, with Sumitomo Corporation China by investing in Shanghai Yihao Real Estate Co.,Ltd.

The large residential and commercial complex, "Oriental Palace", consists of 39 single-family homes, six town houses (three to four stories each), three condominium buildings (22 to 30 stories) and one commercial facility building (three stories) on an approximately 92,000-square-meter site on the outskirts of Shanghai (Malu Town, Jiading District).

Located in an environment with lush greenery and easy access to the newly opened Shanghai Metro Line 11, the project will provide a total of 636 dwelling units, including condominiums for middle-income families and homes targeting the wealthy, at broad range of prices. The complex is scheduled for completion in June 2013.

Sumitomo, which has worked actively in the real estate industry both in Japan and overseas, will take this opportunity as a chance for further growth and will extend its business in Chinese market.


By Chris Lui Staff Writer

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