The Level Constellation real estate company intends to invest 100 million euros in a new real estate development in Lisbon, Portugal, the president of the Chinese company, Wen Yingjie, told Portuguese weekly newspaper Expresso.
The new project will be the first project to be built from scratch by the company in Portugal, Wen said, adding that Level Constellation had so far focused on purchasing property for refurbishment and resale.
Last week the group presented its latest residential project in Lisbon, called Grand Gold, which resulted from the purchase of a building occupying an area of 5,000 square metres brought to auction by the Lisbon City Council.
The building had previously been occupied by the Banco Totta & Açores bank, later by Santander Totta and more recently by the municipality of Lisbon.
This project, the second real estate refurbishment in the Portuguese capital, should be completed in 2017 and will put 55 apartments on the market. The first one, called Park Avenue, offered 27 apartments, half of which were essentially sold to Chinese buyers.
Level Constellation was established in 2014 in Shanghai, in order to invest in the real estate sector, and according to Wen Yingjie, has so far invested 20 million euros in Portugal. (macauhub/CN/ PT)