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Wednesday, July 23, 2008

Kuok family-controlled firms to spend US$1b on China site

KERRY Properties Ltd and three partners, all controlled by the family of Malaysian tycoon Robert Kuok, will invest as much as 7.3 billion yuan (US$1.07 billion) in a real estate project in China’s Hebei province.

Kerry Properties and Shangri-La Asia Ltd, both listed in Hong Kong, Singapore-listed Allgreen Properties Ltd and Malaysia-based Kuok Brothers Sdn Bhd have won a tender for the building site in Tangshan city, according to a statement to Hong Kong's stock exchange yesterday.

Kerry Properties will own 40 per cent of the project while Allgreen will take 25 per cent, the statement said. Shangri-La and the Kuok Brothers will own 20 and 15 per cent, respectively.

The companies have agreed to pay 1.71 billion yuan for the site, which will be used to develop residential buildings and hotels, the statement said.

By Bloomberg

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