Dubai-based developer Emaar Properties is in talks with Chinese state-owned companies about potential projects in key cities in Asia’s largest economy.
The company is evaluating projects in a number of provinces and cities, such as Hainan, Jiangsu, Chongqing, Guangdong, Beijing and Shanghai, according to a statement issued on the sidelines of the 2nd Belt & Road Bankers Roundtable hosted by Industrial and Commercial Bank of China (ICBC) in Beijing.
It said Emaar has signed a memorandum of understanding (MoU) with ICBC Dubai (DIFC) branch and Emirates NBD to explore a triparty collaboration. The cooperation will include joint exploration of urban developments and the creation of high-quality living communities in China.
“This collaboration signals that Emaar is very seriously eyeing entering into the real estate market of China and leveraging its long experience in building key projects and attractions,” the statement said.
“Emaar, Emirates NBD, and ICBC share a common vision for establishing more collaboration between China and UAE. This MoU opens up a new spectrum of opportunity to bring Emaar’s iconic project and premium lifestyle to China and to achieve a win-win situation for China and the UAE,” it said.
In December, Emaar said it had begun business development operations in China in a bid to promote Dubai as an investment destination and boost tourism.
Emaar said it has begun the design and fit-out of two offices in Beijing and Shanghai, staffed by a team specially recruited from China.
The two showrooms will be used to showcase the UAE as an investment destination, with a focus on property, educational opportunities and healthcare.