PDG Realty announces a joint venture between Goldfarb and CHL for real estate development projects in Rio de Janeiro state. The joint venture will consolidate PDG Realty's leadership in the low-income real estate segment in Rio de Janeiro. CHL will enter the low-income segment through this partnership. The joint venture already has a significant pipeline of 5 projects totaling R$326 million with 3,000 units expected to launch in the first half of 2008. Goldfarb and CHL will each hold a 50% stake in the new developments.