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Saturday, October 23, 2010

Sunway inks MoU to explore mixed development project in China

KUALA LUMPUR: SUNWAY HOLDINGS BHD has entered into a memorandum of understanding (MoU) with Shanghai Zhushengyuan Real Estate Co Ltd (SZRE) to explore the feasibility of a proposed mixed development project comprising commercial and residential units in “Wuguang New City” in Wuguangxincheng, Changsha, China.

The MoU was also signed to explore the feasibility of other projects in China.

In a filing to Bursa Malaysia on Friday, Oct 22, Sunway said that under the MoU, both parties would evaluate the feasibility of the proposed development by utilising the expertise and experience of each party.

They will also jointly bid, invest, construct and develop the land plots for the proposed development in Changsha and other projects in China, it said.

It said the MoU would be valid for a period of 18 months, unless extended by Sunway and SZRE.

On the rationale for the MoU, Sunway said the overseas market was a major source of its revenue.

Sunway said it has established a strong business presence in China in view of the country's huge population and high economic growth.

“The MoU is in line with Sunway’s strategy of expanding further into adjoining businesses and accessing the China market.

“The MoU will give Sunway the opportunity to explore the feasibility of developing a large landbank and to negotiate terms and conditions that are mutually beneficial to Sunway and SZRE,” it said.

By The EDGE Malaysia

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