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

For another perspective from The Straits Times, a partner of Asia News Network, click here.

Latest business news from AP-Wire 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

Serba Dinamik former chairman Mohamed Nor resigns�
Berjaya Corp denies involvement with Berjaya Investment, warns of scam
WTI-Brent spread narrows as oil market tightens
Ace market bound Nestcon IPO oversubscribed by 57 times
Rubberex proposes RM78.6mil share placement for capacity expansion�
George Kent posts 14-month net profit of RM48.7mil
FBM KLCI falls 16.81 points; 784 stocks in red
Serba Dinamik denies Abu Dhabi contract is a RPT
Record net profit for Comfort Gloves
Cryptocurrencies tumble amid China crackdown on bitcoin miners

Stories You'll Enjoy


Vouchers