Mah Sing and Danlong Realty (Beijing) will form a 51:49 joint venture to develop an 87-acre site in Wujin into medium-to-high-end residential and commercial properties.
Property developer Mah Sing Group Bhd said it will partner Chinese counterpart Danlong Realty (Beijing) Co Ltd to develop a US$620 million (RM2.1 billion) mixed property development project in Wujin, China.
This will be its maiden property venture in China.
The news, which it announced in a filing to the stock exchange yesterday, helped its shares surge 6.9 per cent to close at RM1.85 yesterday. It was its highest close in about six weeks.
Mah Sing said its wholly-owned unit and Danlong will form a 51:49 joint venture that will invest US$80 million (RM270 million) in proportion to their stakeholdings as registered capital.
Its unit, Mah Sing International (HK) Ltd, and Danlong yesterday signed a letter of intent with the Wujin government to first develop an 87-acre site along Wuyi Road in central Wujin into medium-to-high-end residential and commercial properties.
The land faces the Beijing-Hangzhou Great Canal.
Mah Sing said the Wujin government has also given the joint venture the opportunity to explore two additional plots of land.
"This joint venture paves the way for Mah Sing to establish a long-term strategic relationship to grow our presence in China," Mah Sing's group managing director Tan Sri Leong Hoy Kum said.
By Business Times
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