Singapore developer Ho Bee said on Friday its unit has formed a joint venture company with China-based developer Yanlord Land.
The newly formed subsidiary called HB Investments (China) is 80 per cent owned by Ho Bee and 20 per cent owned by Engro Corporation, a mainboard-listed producer of slag-cement.
In turn, HB Investments and Yanlord Land will hold 50 per cent stake each in the JV investment holding company, Yanlord Ho Bee Investments.
The JV company has an initial issued share capital of US$100,000. It will be undertaking a feasibility study on a property development project in China.
Ho Bee is a mid-sized developer, whose projects include stakes in several condominiums at Sentosa Cove.
Yanlord Land focuses on developing high-end residential property projects in selected key and high-growth cities in China, such as Shanghai and Nanjing.
Source : Channel NewsAsia – 25 Sep 2009