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|Monday, March 19, 2001, updated at 11:24(GMT+8)|
Singapore Property Companies Join Hands in Expanding Business in ChinaTwo major Singaporean property companies, the Keppel Land Limited and the Dragon Land Ltd, have signed a conditional agreement to form an alliance in a bid to expand their business in China.
Under the agreement, the Keppel Land will subscribe for 117.6 million shares of the China-focused Dragon Land at US$0.125 per share, with the total investment hitting at US$15 million and amounting to 24.9 percent of the Dragon Land's enlarged share capital.
Managing Director of the Keppel Land Kevin Wong said the alliance will give Keppel Land another strategic platform to grow its investment in the China market.
The Keppel Land has engaged in the property development of a 25-storey office tower of 36,000 square meters in lettable area and three sites of residential condominiums of 95,906 square meters in Shanghai and an integrated resort in Kunming. It is also a member of the Singapore consortium in developing the Suzhou Industrial Park.
The Dragon Land engages primarily in real estate development in China, covering a total area of over 2,000 hectares in the key provincial cities of Qingdao, Shenyang, Changzhou and Anxi. It has recently teamed up with the Creative Technology of Singapore to develop a 250-hectare high-tech infocomm and media park in Qingdao.
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