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China's Wanda to develop $10b park in India

Updated: 2016-01-26 07:26
By Zheng Xin and Hu Yuanyuan (China Daily)

The project, a result of negotiations between billionaire Wang Jianlin and Haryana State Chief Minister Manohar Lal Khattar since last June, will kick off this year, Wanda said.

The investment is the largest foreign investment into India, Sanjay Dutt, executive managing director for South Asia at Cushman & Wakefield Inc in Mumbai was quoted by Bloomberg.

Wanda, however, is not the only Chinese real estate company interested in expanding in India. China Fortune Land Development Co Ltd, a listed property developer specializing on building industrial parks, on Friday signed a memorandum of understanding with the Haryana government to build industrial parks, through which more Chinese enterprises will enter the India market.

"India's strong economic growth momentum, its demographic structure, low labor cost and stable exchange rate all make it a lucrative market for us," said Li Hui, operations head of Carrier Midea India Private Ltd, a joint venture between Midea and Carrier.

India's GDP growth is expected to reach 7.5 percent to 8 percent, and its young people (aged under 27) accounted for more than 40 percent among its population, Li said.

Midea's India business maintained an annual growth rate of 30 percent to 40 percent since 2013, while sales revenue has more than doubled during the same period, according to Li.

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