Damac to develop $2.7 bn China project

UAE-based real estate company Damac Properties will develop a mixed use project in China’s Tanggu District at an estimated 10 billion dirhams ($2.72 billion), Gulf Today newspaper reported on Sunday.
A memorandum of understanding for the project was signed between Damac Properties Chief Executive Officer Peter Riddoch and Governor of Tanggu District, Tianjin City, Zhang Jiaxing, the paper said.

The five million square feet project will include a number of residential towers, along with retail, offices, and a five-star hotel.