BATANGAS CITY – Batangas’ mega infrastructure projects on airport, seaport and railway are up for possible joint venture partnership following the signing of a Memorandum of Understanding (MOU) by the provincial government and a leading Chinese real estate developer firm.
Batangas public information office chief Jenelyn Aguilera said on Monday that Governor Hermilando Mandanas and his official party visited Hong Kong last Nov. 24 where he forged the joint venture agreement with real estate group Teamrise Group Co. Ltd. of China.
Aguilera said the provincial government expects the MOU to boost the huge infrastructure projects on seaport, airport and railway to spur economic development in the province.
She said that Chief Presidential Legal Counsel Salvador Panelo, Presidential Special Envoy to China Fernando Borja and Philippine Ports Authority (PPA) representative Elmer Cadano witnessed the MOU signing.
Aguilera said the partnership agreement paved the way for the entry of foreign investment by the Chinese real estate development company in six development projects.
She cited information from Bloomberg.com that the Teamrise Group based in Wuhan, China is one of the largest real estate companies engaged in investment, trade, energy development and vision industries.
It is also actively involved in China’s national “Belt and Road Initiative” and the establishment of the ASEAN Development Corporation for continued investments in the Southeast Asian markets. (PNA)
