Foreign property giants join rush to develop China's 'Eco-City'
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The Philippine largest property company, Ayala Land Inc. (ALI), has became the fourth foreign real estate developer to join an "eco-city" development project in north China's Tianjin Municipality.
The company signed an agreement to invest 220-million U.S. dollars in the project Tuesday night, taking total foreign investment in the "eco-city" to 28 billion yuan (4.1 billion U.S. dollars).
Other foreign property developers involved include Japanese firm Mitsui Fudosan Group and Malaysian company Sunway Real Estate Investment Trust (REIT), said Wu Caiwen, president of the Sino-Singapore Tianjin Eco-City Investment and Development Co. Ltd.(SSTEC).
The Tianjin "eco-city" development is the second of its kind between the Chinese and Singaporean governments, following on from the China-Singapore Suzhou Industry Park.
Both projects feature cooperation in advanced technology and personnel exchange.
Located in the Tianjin Binhai New Area, the 30-square kilometer Tianjin Eco-City lies 150 kilometers east of Beijing. It is hoped the city will become a harmonious and sustainable community that meets the needs of China as it urbanizes.
"The Tianjin Eco-city aims to be a model for the cities of China's future, as well as being an real international eco-city," said Wu.
The "eco-city" is 50 km away from downtown Tianjin. It is designed to be a modern metropolis where 350,000 residents can live, work and play by the time it is completed in 2020.
Ayala Land has agreed to develop a 9.78-hectare residential complex in the city designed to accommodate 1,100 households by 2013.
Wu said all buildings in the eco-city conform with environmentally friendly standards in design, technology, construction and management.
"The foreign developers' experience in building environmentally friendly properties will help push forward the project and allow it to meet its eco-targets," said Wu.
For example, the development will use solar and wind power technology and Singapore's experience in rainwater collection for residential use.
