Abu Dhabi Investment House has signed a memorandum of understanding with a Chinese construction firm, Shanghai Construction Asia, known as SCAC.
The signed memorandum of understanding is designed to establish a 50-50 joint venture in order to acquire up to 16 real estate projects across China worth $6 billion.
Rashad Janahi, managing director and board member of Abu Dhabi Investment House (ADIH), said: The signing of this memorandum of understanding (MoU) signifies ADIH’s commitment to unique and successful projects with major international strategic partners. We are extremely glad to have partnered with SCAC, a major player in the market where we both will be looking at implementing successful projects for our investors as well as the local community.
Gaven Ching Man Ho, chairman of SCAC, said: We are proud to have partnered with ADIH, a reputable and professional investment firm that believes in what it does. We are sure the projects in line will definitely assist in providing adequate and safe premises for the growing population of China.