Trigranit parent ties up with China's HNA in development venture

Demján Group, the majority shareholder in Budapest-based CEE developer Trigranit, is linking up with one of the top Chinese private conglomerates to cooperate in a number of areas including large real estate projects.

The two sides signed a strategic agreement on 26 June during an official visit by Chinese prime minister Wen Jiabao to the Hungarian capital.

Details of the partnership were not unveiled, but the companies said they plan to work together on a number of large-scale developments, including the construction of hotel and shopping centres in the major Hungarian cities.

The parties plan large-scale developments in the areas of logistics, airport development, air travel, property development, hotel and shopping centre development, transport infrastructure development and financial services.

'HNA Group, with its strong European expansion plans, together with Demján Group, can realize important investments,' said Sándor Demján, chairman of Demján Group and Trigranit. 'This strategic cooperation makes it possible for Hungary to become the real European gateway for the People's Republic of China.'

Rooted in the Hainan Provincial Airlines Company, HNA Group had EUR 40 bn of assets under management last year and came 6th in the 'China Top 500 Private Companies' ranking.

Trigranit is a commercial real estate developer active in a number of Central European countries. The company has completed EUR 2 bn of projects since it was founded in 1997, with a further EUR 4 bn of investment planned.