Property developer SP Setia Bhd has embarked on its maiden venture in China, teaming up with a local company for a mixed development in Hangzhou in Zhejiang province.
In a statement yesterday, SP Setia said it will develop the 10ha site together with Hangzhou Ju Shen Construction Engineering Ltd.
The joint-venture pact was sealed yesterday, witnessed by Prime Minister Datuk Seri Najib Razak, who is on an official visit to China.
SP Setia president and chief executive officer Tan Sri Liew Kee Sin said that the project will be its third overseas, after the EcoLakes and EcoXanh developments in Vietnam.
"This venture is in line with the group's expansion plans to be an international property player," he said in the statement.
Liew added that it was still premature to disclose details of the joint venture, such as the shareholding structure and development cost.
Hangzhou, about 180km southwest of Shanghai, is the capital of Zhejiang province and a key tourist and historic cultural city with a population of 6.78 million.
By Business Times
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