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Friday, June 5, 2009

SP Setia’s maiden China project

From left: Tan Sri Liew Kee Sin, Datuk Seri Najib Razak, Hangzhou Ju Shen Construction Engineering Ltd legal representative Hu Baifu and International Trade and Industry Minister Datuk Mustapa Mohamed at the agreement signing ceremony in Beijing

PETALING JAYA: SP Setia Bhd has marked its first foray into China’s property market by inking a co-operation agreement with Hangzhou Ju Shen Construction Engineering Ltd in Beijing, the company said in a statement.

The event was witnessed by Prime Minister Datuk Seri Najib Razak yesterday, who is in China on an official visit.

SP Setia president and chief executive officer Tan Sri Liew Kee Sin said the agreement would lead to the setting up of a joint-venture company to carry out a mixed property development project on a 25-acre site.

The land is located in the growth corridor of XiaoShan, Hangzhou in the Zhejiang province.

“The venture follows our first overseas foray into Vietnam in mid-2007 and is in line with our expansion to be an international property player,” Liew said in the statement.

By The Star

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