PROPERTY groups Ho Bee Investment and Yanlord Land have signed an agreement to explore investing in and developing a high-end residential project in Nanhu Eco-City, China.
The two companies said yesterday that a memorandum of understanding has been signed between their joint venture company in Singapore, Yanlord Ho Bee Investments, and the Tangshan Nanhu Eco-city administrative committee. The project is also supported by IE Singapore, the companies said in a filing to the Singapore Exchange.
Nanhu Eco-city, on the southern fringe of Tangshan City, has been earmarked for a new city centre that will combine modern infrastructure with environmentally friendly living conditions and comprehensive recreational amenities. It has a planned area of about 91 sq km.
Based on the existing master plan, Nanhu Eco-City will be divided into four key sectors. In particular, the south-western sector will house the new administrative and financial centres of the city and presents significant opportunities for high-end residential development.
‘Building on its competencies in property development, Yanlord Ho Bee will explore opportunities and investments for high-end residential development in this area,’ Ho Bee and Yanlord said in a statement yesterday.
Ho Bee’s stock lost one cent to close at $1.47 yesterday, while Yanlord shed three cents to close at $2.32.
Source : Business Times – 16 Oct 2009
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