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Wednesday, December 2, 2009

Mah Sing eyes US$620m China mixed property devt

KUALA LUMPUR: MAH SING GROUP BHD is teaming up with China's Danlong Realty (Beijing) Ltd to undertake a mixed development property project in Jiangsu province, with an estimated investment cost of US$620 million.

The company said on Wednesday, Dec 2 the project would be undertaken on an 87.31 acres site, west of Wuyi road in the Wujin district.

It had signed a letter of intent with Wujin District People’s Government, Changzhou City to undertake the project there.

Both companies would set up a joint venture company to develop the plot of land into a medium to high end residential and commercial properties with an estimated total investment cost of US$620 million.

Mah Sing would subscribe 51% of the registered capital and Danlong would subscribe the remaining 49% of the registered capital in JV company.

Mah Sing shall invest a total of USD80 million in proportion to their stakeholdings as registered capital of the JV company.

The Wujin government had also given the JV company the opportunity to explore additional sites which are Plot 2 with total land area of 53.13 acres in the north of Wujin High-New Zone of Changzhou City and Plot 3, covering 82.37 acres in Minghuang Town, Wujin district.

By The EDGE Malaysia (by Joseph Chin)

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