Poly Real Estate, a state-owned property developer, is expected to kick off its first housing project in the United Kingdom after successfully acquiring land in the Millbrook Park real estate project in London, The Paper reported.
Poly will pay about 653 million yuan (US$103.19 million) for the land, which accounts for 30% of the total development area of the Millbrook Park project.
The plan calls for the construction of 2,240 new housing units, mainly townhouses and stand-alone houses. In addition, there will be new elementary schools, shops, regional energy centers and 14.8 acres of open public space, which would create 500 jobs.
Poly will be in charge of building 706 housing units and 1,400-square-meters of commercial and retail space, as well as the Millbrook Square, the core public area of the project.
Arthur Wang, head of the company, thinks it is in line with Poly’s goal of gradual internationalization.