China Gezhouba Group Company Limited (Stock Code: 600068) has recently initialed a building construction agreement with Libya HIB in Tripoli. According to the agreement, Gezhouba will take charge of the design and construction of 7,300 sets of residential buildings in six cities 120-280 km to Tripoli including Tiji, Cabow, Fartsa, Daher Yefren, Jado Aljadida and Wady Ghadwa. The total floor area is scheduled to be 1.569 million square meters, of which the first floor will occupy 60 percent or 950,000 square meters, the second and third floor together 27 percent or 414,000 square meters and public facilities 13 percent or 205,000 square meters, which mainly include clinic, school, shop and hospital.

The whole project is valued at 989,925,000 Libyan Dinar or around 829 million U.S. dollars and is expected to be completed within 36 months.

Now the agreement is awaiting a nod from the Libyan government.