SINGAPORE - China developer Ying Li International Real Estate and China Everbright has teamed up to invest in a mixed-use development project in Beijing's Tongzhou District, China.
Ying Li will invest 559 million yuan ( S$121 million) in the project while China Everbright and other joint investors will put in 7.2 billion yuan.
Ying Li's investment will be funded by the proceeds from the convertible bond issue and share placement to China Everbright.
Currently, the project is still in its initial stage and is expected to commence pre-sales in 2015.
Located in the southeast of Beijing, Tongzhou District is considered as the eastern gateway to China's capital city.
The investment marks Ying Li's maiden foray beyond its conventional Chongqing market into first-tier cities.
The Beijing Tongzhou Project is located in the secondary Central Business District (CBD) of Beijing, and is 18 kilometres and 16 km respectively, away from Beijing's main CBD and the Beijing Capital International Airport.
The Beijing Tongzhou Project has been incorporated in the government's 12th five-year plan. The Tongzhou New City Canal Core Area will also be the home to Universal Studios movie theme park, Renmin University of China and an international healthcare and wellness city.
Notably, the proposed project will be the first in Beijing that combines the mass rapid transit, round island underground tunnel, and underground retail in one single location. This landmark project consists of the development of super high-rise residential units, office buildings and retail malls with an aggregate gross floor area of some 750,000 square metres.