BIZCHINA / Top Biz News
GuocoLand to invest $1.3b in China property deal
(Reuters)
Updated: 2007-04-14 19:14
GuocoLand Ltd , the Singapore-listed property arm of Malaysian tycoon
Quek Leng Chan, said late on Friday it was pumping US$1.3 billion into a
property project in Beijing, making this its largest investment in China.
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Guocoland joins a growing list of Singapore developers trying to ride on
a property development boom in Beijing ahead of the 2008 Olympic Games.
The company said in a statement to the Singapore Exchange it would pay
US$750 million for a 90 percent stake in Beijing Cheng Jian Dong Hua Real
Estate Development Co. Ltd., which owns the rights to a
106,000-square-metre site in the city's Dongzhimen district.
"The acquisition is in line with GuocoLand's strategy to build
scalability in its property development, investment and management
activities in China," the company said.
The site will be developed into an integrated retail, hotel, office,
residential and transport hub, comprising two metro stations, a bus
interchange and a 15-minute express rail link to Beijing's international
airport.
The total development cost of the Dongzhimen site, including acquisition
cost, is estimated at US$1.3 billion, GuocoLand said.
Guocoland said it was reviewing its requirements for funding of the
project, and would announce the measures in due course.
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