PROPERTY firm CapitaLand announced yesterday that it has a pipeline of 14,000 homes in China and plans to launch an average of 5,000 units a year there with its strategic partners.
The group – which operates 33 shopping malls in China – also has big plans for the retail segment, with 11 malls set to open over the next two years.
In addition, CapitaLand’s serviced residence unit – The Ascott Group, which operates 3,400 units in 19 properties – has clinched deals to open seven projects with about 1,600 units over the same period.
The properties include the Citadines Xi’an Xingqing Palace. Ascott announced yesterday that it has secured the contract to manage this project, which will open in 2011.
The project – the unit’s third serviced residence in Xi’an city in Shaanxi province – will offer 160 studio apartments.
The announcements came as CapitaLand celebrated the 15th anniversary of its entry into China with a gala dinner. The festivities were held at Shanghai Port yesterday.
The event was attended by Mr Sha Hailin, the deputy-general secretary of the Shanghai municipal government, and Ms Ho Ching, the chief executive of Temasek Holdings, which holds a 40 per cent stake in CapitaLand.
In all, more than 500 guests were present. They included government officials, as well as the group’s business partners, board members, senior management and staff.
CapitaLand said its assets in China are worth about $6.7 billion, which represents 28 per cent of its total business.
It aims to grow the figure to around $10 billion over the next three to five years. Its China arm will then constitute between 35 per cent and 45 per cent of the group’s total business.
The group’s president and chief executive, Mr Liew Mun Leong, said recently that CapitaLand wanted to build affordable homes in China.
He said: ‘China is our most successful overseas market and will continue to grow, given the demographics and the country’s massive urbanisation programme and economic growth.’
CapitaLand shares ended at $4.19 yesterday.
Source: Straits Times, 12 Dec 2009
No comments:
Post a Comment