KUALA LUMPUR: IOI Corporation Bhd has moved closer towards its plan to venture into property development in China after getting the government's approval to set up a unit in Xiamen.
IOI Corp said its 99.8% owned Palmy Max Ltd had on Sept 30 received a certificate of approval to set up a unit IOI (Xiamen) Properties Co. Ltd in Xiamen.
IOI (Xiamen) Properties was incorporated on Sept 27 with a total registered capital of US$250mil and is currently dormant.
"IOI (Xiamen) Properties is intended to undertake a mixed-use development in Jimei District, Xiamen, Fujian Province in China," it said.
By The Star