Polar International (TASE: POLAR INTRER) signed yesterday a memorandum of understanding with a Canadian company for the cooperation in developing an extensive real estate project in the Jewish Heritage Quarter of Shanghai, China in the area of 200,000 sqm designed for retail, residential, commercial purposes as well as preservation of existing buildings. According to the MOU signed between the parties, Polar will hold 95% of the joint venture and the Canadian company will hold 5% therein provided that the Canadian company’s interest may increase by up to 5% depending on certain parameters. Polar intends to include additional domestic and foreign investors and financiers in the Project. The Project is subject to, among other things, successful due diligence and receipt of all government approvals. Adv. Dana Livneh-Zemer represented Polar in this transaction.