Beijing Construction Engineering Group (BCEG) officially signed the construction contract as the main contractor of the Neot Ariel Sharon project in Kiryat Ono of Tel Aviv with Israeli Carasso Real Estate here on Monday.
It marks the first time for a Chinese company to sign a deal as a main contractor with an Israeli real estate company to set foot in the field.
The signing is the beginning of cooperation between both sides, and it is also the beginning of BCEG's business in Israel, said Chang Yongchun, vice general manager of BCEG.
"The performance of this project would lay solid foundation for our long-term cooperation in Israel," the manager said.
BCEG has business in all parts of China and expands around the world. The company, with its Israeli branch registered in March 2017, was selected as the top one foreign contractor by the Ministry of Construction and Housing of Israel in October 2016.
It is recognized that this project, which is located in Kiryat Ono of Israeli economic center in Tel Aviv, covers a total area of 25,000 square meters.
Six buildings for residence will be set up with nearly 800 housing units. The project will be completed within six phases and the first phase will include an area of 9,000 square meters.
It is the first time for Carasso to cooperate with a Chinese company and it is also the first time for a Chinese company to cooperate with Israeli real estate firms in the model of main contractor, said Dan Parness, CEO of Carasso Real Estate.
The high quality and efficiency of Chinese construction companies are always amazing, he added.
"Israel has a prosperous real estate market. We look forward to the win-win cooperation and broad opportunities of the future with our Chinese partner," said the Israeli CEO.
BCEG, established in 1953, has now developed into a group of competitiveness in the global market and is listed among the top 250 international contractors of the world.
BCEG's overseas major projects currently under construction include Manchester Airport City in Britain, U.S. Texas Medical Centre Hotel, Landmark Waterfront in Thailand and Congo Brazzaville Business Center.
Carasso, established in 1933, is one of the top 10 real estate companies in Israel. Its businesses range from residence and commercial building, office building to smart building.