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Friday, June 29, 2012

LBS targets China property launch

PETALING JAYA: LBS Bina Group Bhd plans to launch its maiden property project in Zhuhai, China, by the middle of next year.

Managing director Datuk Lim Hock San said the first phase of the 79ha project might comprise a resort-type high-end landed one.

"We are definitely going to launch the project in China next year. Depending on the market, it could be in the second or third quarter of 2013," he said after LBS' annual general meeting here yesterday.

LBS had submitted its plans to the authorities for approval and should receive a reply in October, Lim added.

The project, which will take five to seven years to complete, is a 60:40 joint venture with Jiuzhou Group, a Chinese government-linked company.

In April this year, LBS' wholly-owned Intellplace Holdings Ltd signed a memorandum of understanding with JDCL's wholly-owned Jiuzhou Technology Co Ltd for the sale of two LBS companies involved in golf club operations and property development projects in Zhuhai.

LBS is then expected to become a substantial shareholder of the Hong Kong Stock Exchange-listed JDCL.

For the Zhuhai project, LBS will not be involved in the financing, although it will have a stake in JDCL.

On the domestic front, LBS said it was on track to achieve its 2012 sales target of RM800 million, Lim said.

As of June 27 2012, it had achieved about RM500 million in sales.

Yesterday, LBS shareholders approved the payment of a first and final dividend of 2.5 sen per ordinary share of RM1.00.

By Business Times

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