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Business Economy

CNTC enter partnership with Golden Gate Properties

Bengaluru, Jul 1 (UNI) CNTC a Beijing headquartered Construction
giant made its entry into India by signing partnership with Golden
Gate Properties, a leading Real Estate Developers and announced its
strategic Joint Venture.
The newly formed entity will be called Golden Gate|CNTC.
Under the agreement Golden Gate|CNTC will initially embark on two
residential projects--‘The Presidential Tower’ with an investment
outlay of Rs 1500 Crore and ‘The Grand Tower’ with an investment
outlay of Rs 1000 Crore.
Speaking at the launch, Mr Shi Hui, Vice Chairman, CNTC, said,
"We have been studying the India Market for the last 2 years. While
considering our entry strategy; Bangalore City’s highest
cosmopolitan index, stability and growth factors were quite
fascinating; hence we choose to invest at this top growing city in
the world."
Mr Sanjay Raj, Co-promoter of Golden Gate, stated, "Our
partnership will kick-start with two Milestone projects, The
Presidential Tower (TPT) and The Grand Tower. Work on The
Presidential Tower has started and we are confident that it will not
just be a Landmark but also a Hallmark for high quality lifestyle
and investment for home seekers in Bangalore. Currently we are
experiencing the toughest times of our careers, with slow sales and
collections, project delays, impact of demonetisation, and also
simultaneously gearing up for RERA and GST. With our new partners
this will become easy as they are used to more stringent practices
and the integration will be easier. Our new JV Company has very
aggressive plans for India," he said.
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