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Tuesday, April 3, 2012

SP Setia banks on China project

NANJING (China): SP Setia, Malaysia's leading property developer, is expecting its China venture to bring its overseas expansion drive to another level.

SP Setia president and group managing director Tan Sri Liew Kee Sin said he hoped the company could have a meaningful involvement in the development of the newly-launched China-Malaysia Qinzhou Industrial Park (QIP).

SP Setia has teamed up with Rimbunan Hijau Group to form a 45:55 joint venture (JV) called Qinzhou Development (Malaysia) Consortium.

Together, SP Setia and Rimbunan will own a 49 per cent stake in a JV company to be formed with China's Qinzhou Jingu to undertake the QIP project.

The QIP is the third industrial park in China to be developed under the umbrella of government-to-government collaboration after the China-Singapore Suzhou Industrial Park and Tianjin Eco-City.

The QIP was proposed by Chinese Premier Wen Jiabao to Prime Minister Datuk Seri Najib Razak during the Malaysia-China Economic, Trade and Investment Cooperation Forum in Kuala Lumpur a year ago.

Najib and Jiabao jointly officiated at the historical launch of the project on Sunday, heralding a new level of economic cooperation between the two countries.

"The joint venture opportunity has taken the group's overseas expansion plans to another level," said Liew.

"It will further drive us towards growing SP Setia's international footprint beyond Australia, Vietnam and Singapore."

By Business Times