Portman Holdings announced the formation of a joint-venture to develop Jian Ye Li in Shanghai.

Jian Ye Li is a 458,000 square-foot mixed-use, luxury project comprised of high-end residential, serviced apartments, retail and parking in a historically protected neighborhood in the Xuhui District of Shanghai. It will be developed at a cost of US$105 million, with an opening expected in the first quarter of 2009.

In addition, the company is in the early phases of a number of other projects in China.

Headquartered in Atlanta with international offices in Shanghai, China and Mumbai, India, Portman Holdings has developed some of the world's premier real estate assets, including Embarcadero Center in San Francisco, Marina Square in Singapore, the New York Marriott Marquis in Times Square, the Westin Bonaventure in Los Angeles, Peachtree Center in Atlanta, Shanghai Centre in China, the Brussels Trade Mart in Belgium, and the Westin Charlotte in North Carolina.

Portman Holdings is the development division of the Portman companies, a real estate owner, developer and architectural firm, founded in 1953.