Beijing Vantone & China Sports Ind co-build Olympic Torch Square in Sanya
Pursuant to the agreement, the two partners will set up a 50:50 joint venture.
China Ping An Trust, a subsidiary of Ping An Insurance (Group) Co of China Ltd, will set up a RMB 5-billion trust fund for the JV, and Beijing Vantone will seek channels to invest in the property projects, which will be principally located in Yangtze River Delta, Southwest China and Bohai Economic Rim.
Beijing Vantone Real Estate said that the agreement will be terminated if the two sides did not start any project by Mar. 1, 2011.
On Oct. 31, Olympic Torch Square, which was jointly built by Beijing Vantone Real Estate and China Sports Industry Group Co Ltd completed construction in Sanya, Hainan Province. The square is the main work of a large tourism project, which will have a floor area of 350,000 square meters and will cost approximately RMB 5.2 billion in total.
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