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UAE’s Emaar eyes China property

Dubai-based developer Emaar Properties signed an initial agreement on Wednesday to cooperate with a Chinese firm on real estate, healthcare and education opportunities in Chinese cities.

“We hope to announce the first projects very soon,” Ng Boon Yew, chief executive of Emaar’s education subsidiary, told reporters in Shanghai after the formal signing of the memorandum with Shanghai China News Enterprise Development. He did not give the potential value of projects that were being explored. Ng said the two companies would explore opportunities in cities such as Shanghai and Beijing, as well as in smaller urban centres around China.

Emaar, the largest developer in the Arab world by market value, opened an office in China in 2006, according to a statement sent on Wednesday. Emaar is expanding outside of Dubai, the commercial hub of the world’s largest energy-exporting region, with $60 billion in developments in 14 countries, including Pakistan, India and Indonesia. (Reuters)