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Thursday, June 4, 2009

SP Setia makes first foray into China

Najib witnessed the signing of agreement between SP Setia Bhd and Hangzhou Ju Shen Construction Engineering Ltd. (picture source from The EDGE Malaysia website)

BEIJING: SP Setia Bhd has entered into a co-operation agreement with Hangzhou Ju Shen Construction Engineering Ltd to set up a joint-venture company to carry out a mixed real property development project on 25 acres of land in the growth corridor of XiaoShan, Hangzhou in the province of Zhejiang, China.

Prime Minister Datuk Seri Najib Razak, who is on his first official visit to China, witnessed the signing of the agreement today.

SP Setia was represented by its president and chief executive officer Tan Sri Liew Kee Sin while Hangzhou Ju Shen Construction Engineering Ltd was represented by its legal representative, Hu Baifu.

In a statement today, Liew said the co-operation agreement marked the group's foray into China.

This will be the company's third venture overseas after Vietnam where the company is developing EcoLakes at MyPhuoc Industrial Park, 42 kilometres north of Ho Chi Minh City and EcoXanh at Saigon Hi-Tech Park in District 9 of Ho Chi Minh City.

"This venture is in line with the group's expansion plans to be an international property player," Liew added.

However, Liew said it was still too premature to reveal more details of the joint venture, proposed investment and shareholding of the parties or the development with regards to costs, commencement as well as completion.

Hangzhou, located 180km southwest of Shanghai, is the capital of Zhejiang province as well as a key tourist and historic cultural city with a population of about 6.78 million.

With a population of about 1.16 million, Xiaoshan is the biggest district in Hangzhou and is located at its southern gate.

By The EDGE Malaysia (by Surin Murugiah)

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