Japanese in Shanghai venture

JAPAN'S Pacific Investment Corp is one of the major backers of a huge Shanghai residential complex that will house 100,000 people, the official China Daily says.

Garden City will cover some 102 hectares, including 760,000 sq m of buildings to be sold to local citizens, and 500,000 sq m of luxury accommodation for overseas buyers and 100 garden villas, the paper quoted Mr Xue Xiaotong, a director of the Tokyo-based company, as saying.

The project will be completed in three years, although the first phase is expected to be finished in early 1994.

Shopping centres, parks, schools and hospitals would also be built, Mr Xue said.

Pacific Investment holds a 50 per cent stake in the project. Shanghai Zuanqiao Construction Development and Shenzhen Properties are also involved.

Pacific Investment has acted as a Japanese government agent to promote exchanges in China through China International Trust and Investment Corp (CITIC).

Housing reform has been given high priority in Shanghai for more than a year.

Residents of China's most populous city have an average living space of only a few square metres each because housing is so scarce.