Malaysia's Sunway enters China property scene

Malaysia's Sunway Holdings Bhdis to undertake a resort-style development in Jiangyin with a potential gross development value of 473 million ringgit (145 million U.S. dollars), its first property venture in China, local media reported on Tuesday. The project will be developed with the Shanghai Guang Hao Real Estate Development Group Co. Ltd through a joint venture called the Jiangyin Guang Hao Real Estate Development Co. Ltd. Sunway, through the Hong Kong-incorporated Sunway Real Estate (China) Ltd, will own 65 percent, or 130 million shares, of the joint venture. "This is expected to be the pioneering project for Sunway to secure future possible property projects in China," it said in an announcement here on Tuesday. Jiangyin Guanghao's registered capital is being increased to 200 million shares of one yuan (0.14 U.S.... [read full story]