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Wednesday, December 23, 2009

Mah Sing to scout for more opportunities in China

PROPERTY developer Mah Sing Group Bhd, which recently inked a RM2.1 billion mixed development deal in China's Jiangsu province, plans to explore other potential investment opportunities there.

This intention was expressed by its group managing director, Tan Sri Leong Hoy Kum, to Jiangsu party secretary Liang Bao Hua at a meeting in Kuala Lumpur yesterday.

During the meeting, Liang suggested that Mah Sing not only develop residential projects but also commercial projects including offices and projects to support the logistics and services industry such as hotels in the province.

He also highlighted the viability of exploring the coastal areas of Jiangsu where there can be more investment opportunities due to their current development status.
"The investment in Wujin, Jiangsu, is an integral step to the crystallisation of Mah Sing's vision of establishing a global footprint and the group intends to develop an iconic project in Wujin," the company said in a statement released yesterday.

Leong said the Mah Sing Group, with 21 projects in Malaysia, has a vision to be a world-class regional developer.

"We are confident of creating an outstanding development providing unique lifestyle experiences which will transform the way people live, work and play in Wujin. We are committed to bringing Mah Sing's hallmark quality, from master planning and design to construction and successful completion to our project in China," he said.

Leong added that due to Mah Sing's recognition and track record, the group has a strong international network that it can tap on.

For the Wujin project, Mah Sing will partner Chinese counterpart Danlong Realty (Beijing) Co Ltd to form a 51:49 joint venture that will invest RM270 million in proportion to their stakeholdings as registered capital.

Also at the meeting yesterday was Danlong's president Xue Yong Zhe.

By Business Times

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