Shui On Land has formed a strategic partnership with a Dutch property giant by selling a 50% stake in a proposed shopping centre in Wuhan for 750 million yuan (HK$850.8m) in an effort to speed up the project's development.

The joint venture with Redevco, an Amsterdam-based firm that owns €7.2bn (HK$77.98bn) worth of investment property in Europe, will develop a 100,000 square metre shopping centre.

The investment cost of the project will be 1.5 billion yuan, while Shui On will invest an additional 500 million yuan to finish the 120,000 sq metre basement.

South China Morning Post