Foreign Property News | Posted by Aye Myat Thu
Greenland Group has signed a strategic cooperation agreement with the Suzhou government to invest over RMB 100 billion ($14.55 billion) into a series of real estate projects pegged to promote artificial intelligence, high technology and new buildings in the eastern China city.
According to a news release published on the Suzhou government website, Shanghai’s largest developer is teaming up with the government of the conurbation of nearly 11 million people to create a high tech city in the Wujiang town.
The new economic development zone plans to follow in the footsteps of Suzhou Industrial Park by promoting investments in artificial intelligence, life sciences and other technology in what is now a popular warehouse location.
According to the agreement, the total investment of the high-tech city will reach RMB 50 billion.
Greenland Group, which not long ago was one of China’s most aggressive cross-border investors, seems to be following a new trend among mainland developers of combining development of new apartments and commercial buildings with towns and districts pegged to the latest tech trends.
Greenland rival Country Garden announced last week that it would build a robot valley in Foshan, which will see the company invest at least RMB 80 billion into the 10-square-kilometre industrial park and related high-tech industries.
To add some high-tech street-cred to its initiatives, Greenland has also invited AI and smart retail company DeepBlue Technology, which received $47 million in financing from the developer in April of this year, to participate in the project, as well as bringing on board the Chinese Academy of Sciences.
The pair will set up two new units for the development of robots and AI furnishings, the Shanghai-based property firm said. DeepBlue Architectural Technology Ltd will explore Internet of Things and AI applications for buildings and furniture, while Greenland DeepBlue Robot Technology Ltd. will make automation solutions for logistics, healthcare, and education.
The high-tech city less than 30 minutes from Shanghai by high speed train will cover four million square metres of land with a total construction area of five million square metres, according to the statement Besides the high-tech city, Greenland will also invest RMB 50 billion in real estate development around Suzhou’s three other high-speed railway stations.
Ref : Property Report
