Glitnir Bank Enters First Real Estate Venture in China

Nordic bank Glitnir signed a joint venture with Sinopec‘s CGCOC (CGC Overseas Construction Co. Ltd) on June 5th to develop a residential area in Shenyang city in north-eastern China. The residential site covers 230,000 square metres, of which 85% will be earmarked for housing and the rest for commercial units. The development is scheduled to be completed within two years and is one of the largest residential projects in Shenyang to date.