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Chinese firm invests in real estate project in Portugal

Chinese real estate group Level Constellation is planning to invest 100 million euros (US$109 million) in a new real estate project in Portugal’s capital, Lisbon, group President Wen Yingjie told Portuguese newspaper Expresso.

The new project – with details yet to be announced – would be the first to be developed from scratch by the company in Portugal. Level Constellation’s investments in the country so far include redevelopment projects and acquiring properties for re-sale.

The company last week unveiled its latest redevelopment residential project in Lisbon, called Ouro Grand, the newspaper added. The project followed the acquisition – by Level Constellation – of a 5,000-square meter building in a public auction.

Project Ouro Grand should be completed by July 2017 and will offer 55 apartments, the media outlet added.

According to the report, Level Constellation was established in 2014 in Shanghai with the aim to invest in the Portuguese real estate market. Investment so far has reached 20 million euros, the newspaper said.

Mr Wen told Expresso that the group’s goal was “not to make [real estate] prices go up”. He added: “We are here in Portugal to stay; we want to grow further, in a sustainable way and for a long time.”