Marubeni Becomes First Japanese Company to Participate in a Housing Development Project in Jiaxing City, China
Aug. 28. 2018
arubeni Corporation (hereinafter, “Marubeni”) is pleased to announce its plan to implement a housing development and sales project (hereinafter, “The Project”), with Zhejiang Strongtree Real Estate Group Co., Ltd. (hereinafter, “Strongtree Group”), in Jiaxing City, Zhejiang Province, China; this will be the first time a Japanese company has entered this market in Jiaxing City.
The Project, which is Marubeni’s first in Jiaxing, is a development and sales project mainly consisting of mid-to-high-rise condominiums. Marubeni will take part in the project by acquiring a portion of the shares of a project company which Strongtree Group owns.
The expansion of transportation infrastructure, such as expressway networks and intercity railway networks, are progressing in the Chang Jiang delta economic area, which is composed of Shanghai (the largest economic area in China) and its surrounding cities. These infrastructural improvements lead to the reduction of travel time, the mitigation of information disparity, and the diffusion of e-commerce; in the overall context of these developments, housing demand in the surrounding cities of the Chang Jiang delta economic area is increasing.
With a population of approximately 4.6 million, and a strategic location in the middle of major cities such as Shanghai, Suzhou, and Hangzhou, Jiaxing is especially attracting attention as a logistics and industrial hub that is seeing an influx of foreign companies and population in recent years.
Additionally, the introduction of an interoperable IC card, which can be used for both medical and transportation purposes, number portability, and other such public services have been implemented to expand transportation between Shanghai and Jiaxing; an increasing number of consumers from Shanghai are purchasing housing properties in Jiaxing from which they can commute to Shanghai in approximately 30 minutes by high-speed railway. The growth of housing demand is therefore expected to continue in Jiaxing.
Through this Project, Marubeni, which has a proven track record in housing development both in Japan and also in China, will work with leading developer in Jiaxing, Strongtree Group, to promote high quality housing development that incorporates Chinese culture and lifestyle, by making use of Strongtree Group’s knowledge and experience in housing development management and planning, which it has acquired through projects around the world.
|Location||:||Strongtree Group Management Center, No. 3480,Fanggong Rd., Jiaxing, Zhejiang, China|
|Land Area||:||Approx. 120,000 m2|
|Floor Area||:||Approx. 220,000 m2|
|Building||:||10 blocks of condominiums (a total of 1800 units),|
|1 block of elderly condominiums (a total of 360 units), and commercial|
|Schedule||:||Launched in December 2017|
|Completion in September 2020 (tentative)|
Description of Strongtree Group
|Company Name||:||Zhejiang Strongtree Real Estate Group Co., Ltd.|
|Headquarters||:||8 Huayan Road, Jiaxing City, Zhejiang Province, China|
|Employees||:||Approx. 140 employees|
|Business Activities||:||Development and management of general real-estate properties|
|(residences, commercial, office, hotel, and elderly facilities)|