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UAE's Emaar signs memo for more China ventures

Wed Apr 2, 2008 4:32am EDT

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SHANGHAI, April 2 (Reuters) - Dubai-based developer Emaar Properties (EMAR.DU) signed a memorandum of understanding on Wednesday to cooperate with a Chinese firm on real estate, healthcare and education opportunities in Chinese cities.

"We hope to announce the first projects very soon," Ng Boon Yew, chief executive of Emaar's education subsidiary, told reporters in Shanghai after the formal signing of the memorandum with Shanghai China News Enterprise Development.

He did not give the potential value of projects that were being explored.

Ng said the two companies would explore opportunities in cities such as Shanghai and Beijing as well as in smaller urban centres around China.

A newspaper said in March that Emaar, the largest developer in the Arab world by market value, planned to open an office in China in the next 12 months. (Reporting by Andrew Marshall; Editing by David Holmes)



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