TIANJIN, Dec 14, 2009 (SinoCast Daily Business Beat via COMTEX) -- Guangdong Investment Limited, the investment arm of south China's Guangdong Province, expects its property project in Tianjin, a northern port city close to Beijing, to become available to renters in three years.
The investment arm previously won the usufruct of the related land lot, which is undergoing dismantlement and relocation. As to the operation mode of the Tianjin project, its chairman Li Wenyue disclosed that it would refer to that of the Guangzhou-based TeeMall project under its wing.
The Tianjin project, with an estimated investment of CNY 2.6 billion to CNY 2.7 billion in total, will not be sold but leased, added the chairman. It is predicted to witness a low rent level in the initial operation, and its rents will go up step by step in the future. For the moment, the TeeMall project in Guangzhou, capital of Guangdong, enjoys rents ranging from CNY 70-80 to CNY 1,600 per square meter.
