Portuguese company partners Chinese group for real estate project in Portugal

24 July 2019

Portuguese construction company Teixeira Duarte has partnered with China State Construction Engineering Corporation to develop a real estate project in Oeiras, outside the capital Lisbon, the company said in a statement issued through the Portuguese Securities Market Commission (CMVM).

The partnership was sealed with the sale of a 50% stake in its subsidiary to CSCEC – China Construction Portugal, a company incorporated under Portuguese law, which will have an estimated impact on Teixeira Duarte’s results of around 22.2 million euros.

The project will consist of several office, housing and commercial buildings, set within a large green park, in a model intended to set a benchmark for innovation and sustainability.

Teixeira Duarte has been operating in Portugal since 1921 and has had solid experience in the real estate sector for over 40 years, including large-scale projects in various market segments and in several countries. For this project its partner is the China State Construction Engineering Corporation, one of the world’s largest investment and construction conglomerates, ranked 21st on the Global Fortune 500 list. (Macauhub)