Daiwa House sets up property development arm in China's Jiangsu
TOKYO, NNA - Daiwa House Industry Co. has set up a subsidiary in Changzhou to engage in a new real estate development project in the city in the Chinese eastern coastal province of Jiangsu.
Daiwa House has been in the property development business in the Jiangsu Province area since 2007, with the latest project its sixth in the province and third in the city, the Japanese homebuilding company said Friday in a press release.
The subsidiary, Jiuxin (Changzhou) Real Estate Development Co., was established on Jan. 14 with capital of 1,340 million yuan ($206 million), owned 63.45 percent by Daiwa House and 36.55 percent by Daiwa House (Changzhou) Real Estate Development Co., Daiwa House's wholly owned company, according to the release.
The new company will erect a condominium building with some 1,000 apartments in Changzhou, northwest of Shanghai, and aims to start construction within the year, a Daiwa House official said.
Since launching a condominium building development project in Suzhou, Daiwa House has expanded its business in Jiangsu Province, whose economy is expected to continue growing steadily.
In Changzhou, a condo building with some 1,200 apartments was completed in August 2017 and another with around 640 units is slated for completion in January 2022.
Daiwa House plans to further engage in property development projects in the Yangtze delta area, including Shanghai, Jiangsu Province and Zhejiang Province, the company said. (NNA/Kyodo)