Goodman Group announced that it has signed a Memorandum of Understanding (MOU) with the Langfang Municipal Government to participate in the development of a premier business and logistic hub for the greater Beijing-Tianjin area in northern China.

The key points relating to the MOU are:
-- Significant mixed use development project over 5 square kilometres, which is expected to be delivered over the next seven years
-- Goodman participates as coordinator and master planner for the project and will take a fee for service role
-- Goodman expects to generate fee income over the life of the project and will also consider making further investments for itself and its investment partners  in the development of logistics and business park product on the site on a case by case basis

 

Over the next seven years Goodman will work jointly with its affiliates to develop a five square kilometre parcel of land into an international standard, environmentally friendly mixed use business park. This will consist of offices and modern logistics facilities and will be co-located with residential housing and associated amenities to create a sustainable community.

    

Mr Greg Goodman, Goodman Group CEO said, “As the strategic partner of Langfang and the master planner of the park, Goodman will use its worldwide expertise in business park development, master planning and property management to develop a comprehensive and sustainable logistics and business hub to cater to the needs of modern day business. It will also provide tremendous opportunities for local job creation”.

     “Goodman will draw upon its global partners to introduce international investors and banking groups to provide full scale financing support. This provides the Group important access to development land in a capital efficient manner and allows Goodman to promote the project and development in China to international customers”, he added.

     Langfang occupies a key position between Beijing and Tianjin and is within the Hebei Province. Its proximity to transportation networks including rail, airports and road underscores its importance as a logistics hub. Often called “China’s Silicon Valley”, Langfang is set to further benefit from plans for a high-speed railway link between Shanghai and Beijing, with the travelling time between Beijing and Langfang reduced to 10-15 minutes. Extensions to the Beijing ring road network will further enhance Langfang’s ability to support continued economic growth in northern China.