Allgreen to expand into China via US$490m JV

SINGAPORE: Singapore developer Allgreen Properties Ltd, controlled by Malaysian-born tycoon Robert Kuok, said yesterday it would expand into China by taking part in a joint venture to develop a US$490mil project.  

Allgreen said in a statement the venture, which would include other Kuok-related companies Kerry Properties Ltd and Shangri-La Asia Ltd as well as Shanghai Lujiazui Finance & Trade Zone Development, would develop a 58,900 sq m site in Pudong, Shanghai, into a mixed development comprising a hotel, offices and serviced apartments. 

Allgreen will hold 16% of the venture, Kerry and Shangri-La will own 40.8% and 23.3%, respectively with the balance being held by the Chinese firm. – Reuters

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