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Thursday, June 4, 2009

SP Setia enters China property arena

SP Setia Bhd has entered into a cooperation agreement with Hangzhou Ju Shen Construction Engineering Ltd for a 25-acre mixed property development project in China.

The signing was witnessed by Malaysia's Prime Minister Datuk Seri Najib Tun Razak who is on his first official visit to China, the company said in a statement today.

"This cooperation marks the start of the group’s foray into China and this will be our third venture overseas after Vietnam," said SP Setia's president and chief executive officer Tan Sri Liew Kee Sin.

The venture was in line with the group’s expansion plans to be an international property player, he said.
Liew said it was still too early to reveal more details of the joint venture including the proposed investment, shareholding of the parties involved and project cost.

The project, he said, is located in the growth corridor of XiaoShan and Hangzhou in the province of Zhejiang.

By Bernama

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