Hines Interests to expand investment in China's property market

May 22, 2009 (China Knowledge) - Hines Interests LP, a leading real estate developer, plans to expand its investment in the Chinese property market, said Robert C. Hollister, vice president of development, sources reported on May 20.

Hollister said the enterprise has invested a total of US$2 billion in China's real estate market since 1995 and plans to develop a large mixed-use project with potential floor area exceeding 450,000 square meters (sq m) in Dalian.

The firm's apartment project, located in the northeast area of Shanghai's central district and jointly developed with Shanghai Chengtou Holding Co Ltd<600649>, will offer units for sale in July. The average price for units in the new project is not clear, but they will be much cheaper than the apartments priced at RMB 60,000 per sq m in the city's central district, Hollister added. Hines Interests acquired the land for the apartment project three years ago.

Hollister said that Hines Interests will continue to cooperate with Shanghai Chengtou, which is seeking RMB 10 billion to fund the construction of a mixed-use building, sources reported.