Mapletree Investments Pte Ltd (“Mapletree”) celebrated on November 18, 2009, the ground-breaking for Phase 1 of its Nanhai Business City (“NBC”), a mixed-use integrated development located in Foshan City in Guangdong Province, South China.
Zhong Lun Law Firm partners Zhu Maoyuan and Deng Furong attended the ground-breaking ceremony. Drawing on extensive experience in real estate and construction sector, a Zhong Lun team, led by the partners, provided comprehensive legal services for the project.
Phase 1, which involves the development of 20 high-rise apartment blocks and a vibrant retail mall on more than 10 hectares of land, is part of a larger proposed 35-hectare development comprising retail, residential, office and hotel components, to be developed in phases according to market demand. This is Mapletree’s first commercial project in South China and its largest project to date valued at US$342 million (RMB2.3 billion) when completed.
The project is undertaken by a Mapletree-sponsored private real estate fund called Mapletree India China Fund (“MIC Fund”), which holds 80% share in the joint venture company to develop Nanhai Business City. The balance of the 20% share is held by a local Chinese partner, Mr Pan Shun Ming, Chairman of Southern Packaging Limited. Nanhai Business City is the fund’s third investment in China.
The fund’s first project in China is Future City, an integrated residential and retail development in Beilin District, Xi’an with a total development value of about US$148 million. Its second investment is an existing office tower in Beijing’s Central Business District with an investment value of about US$127 million. Together with Nanhai Business City, the total combined value of MIC Fund’s portfolio is now about US$617 million.