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Tuesday, July 1, 2008

Sunway enters China property scene

SUNWAY Holdings Bhd is to undertake a resort-style development in Jiangyin with a potential gross development value of RM473 million, its first property venture in China.

The project will be developed with Shanghai Guang Hao Real Estate Development Group Co Ltd through a joint venture called Jiangyin Guang Hao Real Estate Development Co Ltd.

Sunway, through Hong Kong-incorporated Sunway Real Estate (China) Ltd, will own 65 per cent, or 130 million shares, of the joint venture.

"This is expected to be the pioneering project for Sunway to secure future possible property projects in China," it said in an announcement to Bursa Malaysia yesterday.

Jiangyin Guanghao's registered capital is being increased to 200 million shares of one renminbi each, from 70 million shares of one renminbi each.

Sunway Real Estate sealed a master agreement and an equity joint-venture pact with Shanghai Guanghao last Friday.

Sunway said wholly-owned SunwayMas Sdn Bhd owns 60 per cent of Sunway Real Estate. The balance 40 per cent is held by Sunway City Bhd.

Sunway said the project is located inside the central business district of the Jiangyin New Harbour City, a new Jiangyin Government administration centre.

"The project seeks to be differentiated by introducing ultra-modern resort-style living design concepts and international quality standards with a well-planned premium product," it added.

A feasibility study on the project was conducted with Shanghai Guanghao and Suncity prior to the signing of the agreements, Sunway said.

By New Straits Times

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