Sumitomo Realty & Development Co. will construct a 2,000-unit condominium complex in Dalian, China, together with Chinese real estate company Yida Group.
Sumitomo Realty will soon set up a joint venture with its Chinaese counterpart. The Japanese developer will hold a 75% equity stake in the company, wich will be capitalized at about 3 billion yuan ($480.4 million).
Construction is to begin in 2014, with units to be completed in 2017.
After a hiatus of nearly 20 years, Sumitomo Realty is re-entering overseas markets due to limited growth prospects at home. The company poured money into office buildings in New York during the bubble years but eventually pulled out.
Resource: The Nikkei Weekly
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