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Lendlease Group shares up on Shanghai expansion

Shares in international property and infrastructure group Lendlease Group (ASX: LLC) are up 1.1% to $17.94 at the time of writing off the back of an investor briefing on Asian market performance.

Lendlease has announced it will develop a $302 million senior living community in Shanghai, China, after signing a contract with the Qingpu district government for 50-year land user rights to a plot in Shanghai suburbia.

Lendlease CEO Tony Lombardo said the expansion would cater to a “fast-growing demographic sector” with nearly one-third of Shanghai’s population now aged over 60.

The investor report detailed plans to grow urbanisation in “targeted gateway cities” across Asia with a $6.2 billion Asia pipeline and a strategic focus on exploring telco infrastructure development in China.

Shares in peer Stockland Corporation Ltd (ASX: SGP) are also on the up today – rising 0.9% to $3.94 at the time of writing with Stockland last week announcing capital raising of $475 million via long-dated European medium term note funding to continue the company’s plan to diversify funding sources.

In a similar space Growthpoint Properties Australia Ltd (ASX: GOZ) shares are also up slightly to $3.34 as the company continues to assert itself in the commercial property sphere.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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