EMGI Investment to build housing on quarry site in Lisbon

Chinese developer EMGI Investment Group is putting 300 million euros (US$333 million) into redeveloping a disused quarry in Portuguese capital Lisbon, Dinheiro Vivo reports.

The Portuguese financial news website says EMGI Investment will build about 550 dwellings, a school, an old people’s home, offices, shops, parking for 900 vehicles and green open spaces on the site, which covers 120,000 square metres, along with roads giving access.

The report says one quarter of the dwellings will be covered by government rent controls.

The site was owned by Millennium BCP, a Portuguese bank in which Chinese conglomerate Fosun International Ltd holds the biggest single stake, 27 percent, according to Millennium BCP’s latest financial report.