PETALING JAYA: Property developer LBS BINA GROUP BHD, which is optimistic about the prospects of its Zhuhai International Circuit (ZIC) development in China, is currently in the midst of reviewing and improving the project’s upgrading and transformation plans.
Managing director Tan Sri Lim Hock San (pic) said the ZIC upgrading and transformation plan was approved by the China authority in December 2017.
“However, further progress was slowed down by the US-China trade war. The mega development plan of the Greater Bay Area (GBA) was recently announced by the China central authority. To be better positioned along with the GBA, we are in the midst of reviewing and improving the ZIC upgrading and transformation plan.
“Negotiations with potential interested parties are still ongoing at all levels,” he told StarBiz in an email.
LBS Bina is proposing to develop a mixed commercial project on the 264-acre site.
Lim said the company, however, does not expect any contributions to its group earnings in the near term.
In terms of prospects for the development, Lim said Zhuhai was the second highest among the 21 cities in the Guangdong Province, in terms of 2018 gross domestic product (GDP) growth rate and GDP per capital (at 8.95% and 165,000 respectively).
The HK-Zhuhai-Macau link bridge is already in operation and is expected to carry 29,100 vehicles and 126,000 passengers daily by 2030.
The Shenzhen-Zhongshan link bridge is currently under construction and scheduled to complete in 2024.
Being included among the 11 cities within the GBA, Zhuhai is foreseeable to be in a high growth trajectory in the coming years.
Separately, Lim, who will be a speaker at the Malaysia-China Outlook Forum 2019 in July, said he had been very actively travelling to China, particularly the Guangdong and Fujian Province.
“This year we are celebrating the 45th year of Malaysia-China diplomatic ties. LBS has its strategic investment in Zhuhai. I’m the president of Malaysia-Guangdong Chamber of Investment Promotion (MGCIP). I’m also the president of The Federation of Hokkien Associations of Malaysia.
“I will share with my own experience as a true practitioner (at the forum) with regard to the Belt & Road Initiative (BRI),” he said.
After following Prime Minister Tun Dr Mahathir Mohamad to China in April, Lim said the trip will strengthen Malaysia and China’s diplomatic ties and take it to new heights.
“The two countries have strong economic complementarity. We have great potential for cooperation in economy, trade, investment, agriculture, fisheries, infrastructure, industrial, e-commerce, tourism and much more.
“A forum like this will further enhance public awareness and better understanding of the opportunity comes with BRI and GBA, particularly among those local non-Chinese speaking groups.
“All these will enhance the economy growth which will translate into overall higher income and higher demand for properties,” he said.
During the forum, Lim will expand on topics such as the five-pronged approach of the BRI; policy coordination; connectivity of infrastructure; unimpeded bilateral trades; financial integrations and closer people-to-people ties.
The Malaysia-China Outlook Forum 2019 will be held on July 8, 2019 at the Sheraton Petaling Jaya Hotel from 9am to 5:30 am.
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For more enquiries, please contact +603 79671388 ext 1529/1657, or visit Malaysia-China Outlook Forum 2019