ong Kong-listed Country Garden Holdings Co Ltd has entered into a joint venture (JV) agreement with Malaysia Land Properties Sdn Bhd (Mayland) to develop property in Southeast Asia and in the country.
“Upon completion (of the deal), Country Garden will have a 55 per cent stake in the venture, with Mayland holding the remaining 45 per cent,” the companies announced.
To be called Wealthy Signet Sdn Bhd, the JV Company will principally acquire land use rights over parcels of land in Selangor, and develop the land into ancillary commercial andresidential properties.
Country Garden revealed that it is optimistic about the Malaysian real property market, and believes that the acquisition will boost its investment portfolio.
“The board believes that the formation of the joint venture company will allow the group to co-operate with a well-known property developer in Malaysia and that the joint development of the development land with Mayland will allow the leverage of expertise and resources of both parties.”
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