A US$10 billion real estate fund set up by Shimao Property Holdings and Taiwan's Farglory Group has set its sights on its first project in Nanjing.
It is eyeing a development site that will be offered for auction by the city's government by the end of the year, said Hui Wing-mau, the chairman of Shimao.
'We have signed a framework agreement with the Nanjing government, but the site still go on sale through auction,' Hui said.
The initial plan is to build a technology park to serve as mainland headquarters for Taiwanese software companies.
'It will probably be the largest scale development to be built by cross-strait developers,' Hui said.
In April, Shimao and Farglory set up Straits Construction Investment to look for large projects on the mainland and in Taiwan.
With an initial capital of US$10 billion, the venture will also consider taking in other investors.
