Irish property company Treasury Holdings has announced a €1.2 billion investment in China's commercial capital Shanghai.
In a joint venture with a Chinese company, Treasury is to develop a residential and leisure complex on an island just north of the city.
The Taoiseach, who is in China on a trade mission, witnessed the signing of the deal this morning. The development was made possible by a decision to build a 13 kilometre bridge linking the island to the city.
Treasury says that this is the largest single property development ever undertaken by an Irish company.
