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BIZCHINA / Biz Media Digest

Construction: Invest in Tianjin
(Shanghai Daily)
Updated: 2006-06-05 15:01

Kerry Properties Ltd, Allgreen Properties Ltd and Shangri-La Asia Ltd, all controlled by the family of Malaysian tycoon Robert Kuok, will invest 4.52 billion yuan (US$583 million) in a property project in Tianjin, China.

Kerry, a builder, will buy a 49 percent stake in the hotel, office, housing and shopping mall project from luxury hotel operator Shangri-La for 313.1 million yuan, Kerry and Shangri-La said in a statement. Singapore-based Allgreen will buy a 31 percent stake for 198.1 million yuan.

Hong Kong-based Kerry owns office and residential buildings in Hong Kong, Beijing, Shanghai and four other mainland Chinese cities. Hong Kong-based Shangri-La runs 21 hotels in China.
 

   


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