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Tuesday, January 3, 2012

Hong Kong firm forms joint venture with Mayland

Hong Kong-listed Country Garden will have a 55 per cent stake in the property venture, with Mayland holding the remaining 45 per cent.

KUALA LUMPUR: Hong Kong-listed Country Garden Holdings Co Ltd has formed a joint venture with Malaysia Land Properties Sdn Bhd (Mayland), a property developer, to explore the potential of property markets in Malaysia.

Country Garden recently announced that the company had sealed an agreement with Mayland to set up a joint-venture company to develop property in Malaysia and Southeast Asia.

"Upon completion (of the deal), Country Garden will have a 55 per cent stake in the venture, with Mayland holding the remaining 45 per cent," the company said in its filing to the stock exchange of Hong Kong.

The joint-venture company, known as Wealthy Signet Sdn Bhd, will be principally engaged in acquiring land use rights over the development land and its development into residential and ancillary commercial properties.

"The development land consists of parcels of lands located in Selangor. It is intended that the development land will be developed into residential and ancillary commercial properties," Country Garden said.

Country Garden said it is optimistic about the property market in Malaysia and considers that the acquisition of the development land will broaden and strengthen the existing investment portfolio of the group.

"The board further believes that the formation of the joint venture company will allow the group to co-operate with a well-known property developer in Malaysia and that the joint development of the development land with Mayland will allow the leverage of expertise and resources of both parties.

Country Garden is an investment holding company and its subsidiaries are principally engaged in property development in China, including property development, construction, fitting and decoration, property management and hotel operation.

Mayland is primarily engaged in property development and property investment in residential and commercial properties in Malaysia.

Mayland's completed premium property developments include Royal Domain, Sri Putramas, Waldorf & Windsor, Maytower, Austin Boulevard, Prima regency, Parkview, Plaza Damas I and II, Menara Hartamas, and Puncak Prima.

The company's newly launched condominium and serviced apartments included The Royal Regent, The Elements. Regalia and Plaza Damas 3 in Kuala Lumpur and Palazio serviced apartments in Johor Baru.

By Business Times

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