Modi effect? China’s top real estate player looks to invest $10 bn in India
Advertisement
Advertisement
If everything goes fine, the Group will invest $10 billion in India in the next 10 years to construct industrial townships and retail properties.
The Beijing-headquartered group, which had an annual income of $38.8 billion in 2014, has a presence in commercial property, tourism, e-Commerce and department stores.
Now, it is looking to build five industrial parks, shopping malls and theme parks in India. Wang is ranked by Forbes as the world's ninth-richest person with a net worth of $40.4 billion.
During his China visit last month, Modi had pitched for
Advertisement
Economic Times reported that the government relaxed Foreign Direct Investment norms in the construction sector, easing a three-year lock-in period and other stringent conditions related to built-up area and minimum capitalisation to attract funding in the cash-starved sector.
In meetings with officials from the Department of Industrial Policy & Promotion, the Ministry of External Affairs and state governments, Wang was keen to know about incentives offered by states and the land acquisition process. He sought information on policies for commercial development and retail construction in Delhi, Haryana, Andhra Pradesh, Gujarat and Maharashtra.
"His team wanted to know about the availability of land banks in these states for commercial and retail infrastructure construction. They also wanted to know about the specific investible projects available in states," a government official told ET.
Though the group entered India through a deal with the Reliance Group in December 2012 to develop the Dhirubhai Ambani Knowledge Centre in Navi Mumbai, it is firming up plans to invest heavily here only now.
Advertisement
Wang also met railway minister Suresh Prabhu, Haryana chief minister Manohar Lal Khattar and private developers. According to sources, Wang met officials of real estate developer DLF as well. The government allowed 100% FDI in railway infrastructure last year.(Image: PIB)
Advertisement
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore