Straits Trading Company makes first property investment in China

Straits Trading Company said on Tuesday (Dec 16) that it will buy a retail development in Chongqing for 668.4 million yuan (S$140.5 million), marking its first foray into China’s property market.

The purchase of the Times Midtown development from Chongqing BBMG Dacheng Shanshui Properties was done via Straits Real Estate, in which the Singapore investment firm has an 89.5 per cent stake.

Straits Trading expects to spend an additional 100 million yuan to fit out and re-position the mall, which is part of a large mixed-use development project that includes 29 residential buildings, four office towers and a hotel. The mall also has a direct link to the subway.

Straits Trading, one of Singapore oldest companies, has investments in real estate and hospitality as well as tin mining and smelting. Ms Chew Gek Khim, its executive chairman, described the firm’s foray into China property as a “first step” to redeploy capital into opportunities that offer higher returns.

Source : Channel NewsAsia – 16 Dec 2014

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