Philippine property giant Ayala starts housing project in north China city

Ayala Land Inc. (ALI), the Philippines' largest real estate company, has started construction on its first ever project in China in the northern city of Tianjin.
A foundation laying ceremony was held Thursday for the housing project, covering an area of 97,600 square meters, in the Sino-Singapore Tianjin Eco-city in the port city of Tianjin.
The residential complex is scheduled to be built with an investment of 220 million U.S. dollars by ALI and the Sino-Singapore Tianjin Eco-City Investment and Development Co., Ltd. (SSTEC).
The project marks the start of ALI's business in China and is expected to become an example of a livable apartment project in the eco-city, said Fernando Zobel de Ayala, president of ALI.
The complex features a variety of environmentally-friendly technologies, including hot water heated with solar power and "smart" energy-use monitoring systems, among features.
The residential complex is designed to accommodate more than 1,200 households. The project's first phase is expected to be completed by the end of 2012.
The Tianjin eco-city development project is the second collaboration of its kind between the Chinese and Singaporean governments, preceded by the China-Singapore Suzhou Industry Park.
Located in the Tianjin Binhai New Area, the 30-square kilometer Sino-Singapore Tianjin Eco-City lies 150 kilometers east of Beijing.
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