China State Construction Signed USD2bn Abu Dhabi Realty MOU
BEIJING, May 09, 2012 (Menafn - SinoCast Daily Business Beat via COMTEX) --China State Construction Engineering Corporation Limited (shse:601668) announced on May 8 that it has signed a memo of understanding (MOU) with AABAR from the United Arab Emirates and Industrial and Commercial Bank of China (ICBC) to invest USD 2 billion building a real estate project in central area of Abu Dhabi.
The listed company is the general EPC contractor of the project and ICBC will provide financial support to AABAR that will pay for the borrowing with the revenue from crude oil and finished oil.
The project includes more than 30 five-star hotels, office buildings, high-end apartments, etc. AABAR is the largest sovereign fund investment in Abu Dhabi and its parent company is
International Petroleum Investment Company (IPIC).
Source: www.yicai.com (May 09, 2012)
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