CNTC a Beijing headquartered Constructiongiant made its entry into India by signing partnership with GoldenGate Properties, a leading Real Estate Developers and announced itsstrategic Joint Venture.
The newly formed entity will be called Golden Gate|CNTC.
Under the agreement Golden Gate|CNTC will initially embark on tworesidential projects--'The Presidential Tower' with an investmentoutlay of Rs 1500 Crore and 'The Grand Tower' with an investmentoutlay of Rs 1000 Crore.
Speaking at the launch, Mr Shi Hui, Vice Chairman, CNTC, said, "We have been studying the India Market for the last 2 years. Whileconsidering our entry strategy; Bangalore City's highestcosmopolitan index, stability and growth factors were quitefascinating; hence we choose to invest at this top growing city inthe world."
Mr Sanjay Raj, Co-promoter of Golden Gate, stated, "Ourpartnership will kick-start with two Milestone projects, ThePresidential Tower (TPT) and The Grand Tower. Work on ThePresidential Tower has started and we are confident that it will notjust be a Landmark but also a Hallmark for high quality lifestyleand investment for home seekers in Bangalore. Currently we areexperiencing the toughest times of our careers, with slow sales andcollections, project delays, impact of demonetisation, and alsosimultaneously gearing up for RERA and GST. With our new partnersthis will become easy as they are used to more stringent practicesand the integration will be easier. Our new JV Company has veryaggressive plans for India," he said.UNI MSP RS CS 1927
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