Tokyo, July 10, 2012 - (JCN Newswire) - Mitsubishi Corporation (hereinafter "MC") has agreed to participate in a large-scale condominium development project (hereinafter the "Project") in Dalian, China, through a joint venture with Gemdale, a leading real estate developer in China. The total cost of the Project is estimated at 66 billion JPY.
The Project will be MC's second project together with Gemdale, which previously announced the Shenyang project.
The Project includes the development of 3,500 condominium units, as well as retail stores (34,000 m2) in Dalian, the second largest city of Liaoning province. By investing approximately 5 billion JPY through a property investment company in Hong Kong, MC will obtain a 40% equity interest in this project. In addition, MC will send a director and a full time employee to the Project company in Dalian.
MC has been focusing on continuously increasing residence demand in Dalian, mainly targeting the middle class. This Project includes plans to build low-rise buildings and spacious rooms which are rare for middle class condominiums. In addition, MC is also targeting those who are new to purchasing condominiums and those living in the city who would like to improve their living environment.
With this Project, MC plans to respond to the growing demand in China for high quality and highly functional housing, including efforts to provide condominiums with interior finished work, something that is still rarely seen in China.
MC's real estate businesses in China are mainly the development of condominiums, commercial development, and management business. In the future, MC plans to expand its business including composite facilities through partnerships with an excellent local company and a Japanese partner as well.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Contact:
Mitsubishi Corporation
Tel: +81-3-3210-2171
Fax: +81-3-5252-7705
July 10, 2012
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058) (FTSE: MBC)
From the Japan Corporate News Network
http://www.japancorp.net
Topic: Press release summary
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