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Monday, April 19, 2010

TAK seeks partners for US$4b China project

PRIVATELY-HELD Teo A. Khing Designs Sdn Bhd (TAK) is looking for Malaysian companies to participate in the development of China’s US$4 billion (RM12.8 billion) Tianjin Horse City project.

TAK was recently awarded the project to design, construct and manage China’s first race course, together with its partners Meydan City Corp and Tianjin Farm Group.

“We are participating by taking some stake in the project. At the moment, we do not yet know how much. Maybe we will participate by sharing our know-how (of the horse racing industry) without investing money into it. Then, from there, it will turn into equity…we don’t know yet,” TAK managing director Teo Ah Khing told reporters in Dubai last week, in conjunction with the Malaysia Services Exhibition (MSE) 2010 there.

MSE 2010 ran between April 13 and 15 and showcased some 150 Malaysian companies from eight service industries.

Fresh from its success in delivering the iconic Meydan Race Course Grandstand in Dubai, the company is currently scouting for other Malaysian companies to take part in the Tianjin Horse City development.

The Meydan Race Course consists of a dramatic grandstand for 80,000 spectators, a Royal Enclosure, the world’s first luxury trackside hotel, a Bubble Restaurant, the Falcon Carpark, a Turf and Dirt track.

“At the peak of the Meydan project we had about 3,000 Malaysians working with us. There are many Malaysian companies behind us,” Teo said.
He said he managed to speak to “a few companies” during the MSE 2010, and is looking forward to further discussions with them. He declined to reveal the companies he had had discussions with.

“They (the project promoters) have no need for money, but what they do need is expertise. The whole idea is to bring the whole knowhow of the horse racing and locate it there in Tianjin,” Teo said.

Work on the development is expected to start by the end of the year.
According to media reports, Tianjin Horse City will be established in Ninghe County, Tianjin and include five-star to seven-star luxury hotels, a clubhouse, commercial offices and residential facilities.

The project is expected to develop a horse industry economy that will establish a production franchise across China.

By Business Times

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