Dubai: Gulf Finance House (GFH) said on Sunday it has awarded a contract to China Machinery and Engineering Corp (CEMC) for the construction and financing of up to 85 per cent of its Dubailand based project, California Village, for around $150 million (Dh550.5 million).

The contract will see financing provided by Chinese banks under an insurance policy to be issued by state government agencies of China, the GFH said in a bourse statement.

California Village is located in Dubailand with more than 200 private villas and 400 branded residence opposite to IMG park.