A Japanese real estate giant signed on Monday a Memorandum of Understanding on a 3-billion-yuaninvestment in the Sino-Singapore Eco-City in north China's Tianjin with the project's developer.
Mitsui Fudosan Co. Ltd. will spend the money, equal to about 440 million U.S. dollars, on a land of 40 hectares to build a high-end waterfront residential community in the eco-city in the Binhai New Area of Tianjin, according to the MOU between the Japanese company and the Sino-Singapore Tianjin Eco-City Investment and Development Co. Ltd.(TEID).
The community, designed to be auto-free, is expected to be completed by 2013.
TEID President Wu Caiwen said the cooperation with Mitsui Fudosan marks significant progress in the eco-city's development.
The eco-city, a cooperation program between Chinese and Singaporean governments, is 45 km away from downtown Tianjin.
The Binhai New Area was authorized by the central government in2005 as an experimental development zone as a "new engine of growth" for north China.