SHENZHEN: ING Real Estate said yesterday it had signed a deal with Shenzhen-based Gemdale Corporation to develop a residential project in Foshan, one of the most populous cities in Guangdong Province.

The Foshan deal is the second joint-venture project between leading global real estate firm ING Real Estate and Gemdale, one of China's largest property developers. The two parties set up a strategic cooperation last year, making their first investment in North China's Tianjin in August.

ING Real Estate's China Opportunity Fund will inject more than $40 million in the project to give them a 49 percent stake. Gemdale will take the remaining 51 percent.