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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