It said on Wednesday, Oct 28 its subsidiary, Setia (Hangzhou) Development Co. Ltd and Hangzhou Ju Shen would set up a limited liability joint-venture company to undertake the project on 25 acres of land there, of which five acres would initially be developed under the first phase.
"The management of SP Setia is of the view that the JV Contract will further drive the Group on its way towards achieving its overseas expansion ambitions supported by the success and awareness generated through its maiden international, integrated commercial and luxury high-rise development projects," it said.
SP Setia said the JV contract also provided an important opportunity for the group to start off with a small presence in the fast-growing Hangzhou property market and progress from there to the larger China market.
In view of the above, the JV contract augurs well for the company and is expected to contribute positively to the future earnings and cash flow of SP Setia.
By The EDGE Malaysia (Joseph Chin)
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