A new company, partly funded by a Dutch firm, has been set up in Beijing to improve housing in the Chinese capital. A signing ceremony to launch the Sino-Dutch joint venture for real estate development was held in Beijing last week, according to Xinhua (the New China News Agency). The joint venture, the Beijing ING CRE urban real estate company, is funded by two Chinese companies, Citic Real Estate Company and Beijing East Lake Real Estate Company, and ING Real Estate International of the Netherlands. The company, which has a total investment fund of US$24 million, will build 600 housing units in Beijing, not far from the capital's airport. Construction is planned to start early next year. The project is expected to be completed within two years.
