Charoen Pokphand (CP) Group and Magnolia Quality Development Corporation are collaborating with one of China’s largest real estate firms to develop property projects in Thailand.
CP Group and Magnolia, the latter owned by Tipaporn Chearavanont, the youngest daughter of Dhanin Chearavanont, who controls the CP Group, signed a joint venture agreement this week with China's Greenland Group.
The trio will develop luxury properties here, with the announcement of the first high-rise project expected in the first half of the year.
''We see enormous potential in Thailand's luxury real estate development sector and are committed to being among the top players,'' said Ms Tipaporn, who is also Magnolia's chief executive.
''We believe global partnerships with some of the world's largest and most successful real estate corporations will help to further strengthen our offerings in Thailand, reinforce Magnolia's leading position and stimulate Thailand's real estate sector.''
The partnership is aimed at strengthening Magnolia's position as one of the leading luxury developers in the country.
Greenland Group was established in 1992 as one of the largest state-owned enterprises in Shanghai and the leading turnkey property developer in China.
Last year, Greenland ranked No.2 in revenue in China's real estate industry and 359th on the Fortune Global 500 list by revenue.
The group's core business is developing and managing real estate.
In China, the company has hundreds of projects covering Shanghai, Beijing, Tianjin, Chongqing, Guangzhou, Nanjing, Hefei, Nanchang, Wuxi, Wuhan, Changsha, Zhengzhou, Chengdu, Guiyang, Xian, Wulumushi, Shenyang, Changchun and Harbin.
Moreover, it is regarded as the leading real estate company in both quantity of projects and quality of brand.
Greenland specialises in ultra-high-rise projects, with 23 currently being built or completed, several of which are among the top 10 highest buildings in the world.
Its 89-story Nanjing Greenland Financial Center is the seventh-highest business building in the world and features a five-star hotel and luxury malls.