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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