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The Canadian Press - ONLINE EDITION

Chinese real estate firm proposes major move into rural Nova Scotia

HALIFAX - A Chinese real estate firm says it is planning a major residential real estate development in northeastern Nova Scotia.

Dongdu International Group of Shanghai says it is applying to the Municipality of the District of St. Mary's for approval to proceed with a project on 1,300 hectares of land.

Stephen Dempsey, a Halifax-based spokesman for the firm, says the company is considering building between 500 and 1,000 units.

Dempsey says the development may involve an investment of up to approximately $1 billion and construction could begin this summer if government approvals are obtained.

He says one of the company's goals is to attract high-income Chinese residents to purchase the properties as an investment and part-time residence.

The company says it has acquired nine properties and one property management company in Nova Scotia.

It recently purchased and is refurbishing three buildings in downtown Detroit, including the David Stott, old Detroit Free Press and Clark Lofts buildings, and also has real estate investments in California.

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