Should the deal materialize, it would be Africa Israel's most massive introduction into any of the world's regions, exceeding even its activities in Russia.
Lev Leviev's business partner in the Asian venture is said to be China-based Israeli businessman Yossi Sheinfeld.
Erez Meltzer, chief executive officer of Africa Israel, traveled to China recently where he visited 10 major cities, including Beijing and Shanghai, inspecting locations for the company's future ventures.
The company would also head development deals in Thailand, Vietnam and several other countries in east Asia.
Africa Israel recently started setting up its Beijing office, and is expected to report its first real estate venture in the region within days.
The company is expected to head four to eight projects in Asia by the end of 2007.
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