GUANGZHOU - Foxconn will invest more than $600 million in a residential area here, according to published reports.
The world's largest EMS/ODM has teamed with a local real estate developer to acquire two plots of land, which will be developed in concert with the Guangzhou municipal government. The two companies will share a 75% stake in the joint venture.
The sites are adjacent and located in Fenggang Village of Zengcheng, a suburb of Dongguan. The plots are approved to provide a combined gross floor area of 4.9 million sq. ft., according to government figures. About 80% of the space will be dedicated to residential use, and the remainder to retail.