Mitsubishi Corporation has announced its partnership with Vietnam's real estate conglomerate Bitexco in developing a middle-class housing project in Hanoi.
The Japanese trading house will hold a stake of 45 percent in the joint-venture that will build 8,700 condominium units at an initial cost of 30 billion yen (US$286.41 million), Mitsubishi said in a press release on Wednesday.
The housing project will be part of a $1.9 billion new urban area project being developed by Bitexco. About eight kilometers from Hanoi's center, the Manor Center Park, as the area officially known, will house a park, commercial and office buildings besides sporting facilities.
Mitsubishi's new move in Vietnam is part of its efforts to capture a bigger slice of Asia's rising middle class, news website Nikkei Asian Review reported. It has reportedly developed several middle-class housing projects in China, Indonesia, and the Philippines.