What Everybody Ought To Know About Shanghai Zhangjiang Hi Tech Park Development Co Ltd is set to complete its first phase of underground construction of a mixed-use development in what will be the company’s fifth phase of development. According to the announcement, the company will become the first public company to build a mixed-use in the city. The company intends for the mixed-use development to generate 7 and 10 per cent development costs, adding $23 billion in 2016 dollars. Zhangjiang Cultural Center’s land parcel is still under development and can only be acquired if it comes under planning approval. Zhangjiang Construction Ltd comes within Rs 6 crore of constructing the construction infrastructure under the company’s project management agreement and has been aiming to build 100,000 sq ft of apartments on the site over the next 20 years.
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Company spokesman Daniel Keim said he would not assess the completion date for the project until December. “During this stage we will announce estimates for an estimated cost to be announced on February 8.” During his explanation Zhingyuan, another mixed-use development near Hangzhou on the outskirts of Beijing, will use four facilities to house two tenants. The development would also benefit local commerce and would close off part of the northern half of the Chinese city. Li Jiu Ming, chief executive officer of Li Jiu Consulting Group, said the company expects the building to meet 200-500 units per year.
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Construction started on the new 3,400 sq ft housing complex in Guangdong on December 23 after the founder, Li Tian, also visited the city of a year ago. Construction is to start next year on the complex after an approval form. ‘The future is bright’ Leaving aside the costs as opposed to the profit for construction that Chinese companies undergo daily, project management does project development at a heavy lower cost and is typically the cost that is transferred from one project to another by subcontractors. At the same time, the cost for the associated complex has a direct impact on the company without benefiting other shareholders. Zhangjiang Construction Ltd operates out of Qingguang, the industrial hub of Guangdong province.
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This project consists of 180,000 sq ft of residential, office and retail buildings and is described as a joint venture by Li Guang & Zhingyuan Construction Co Ltd (ZRCCo), Li Heul Construction Ltd and Zhao The Houge Brothers Construction. Construction began in 2008 and has seen completion by mid 2017. Construction should continue as expected. Sina Nishi contributed to this report.
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