Hongkong Land subsidiary Hongkong Land China Holdings has formed a joint venture company to invest in the Chinese property market.
The new company, known as King Kok Investment, is about to make its first purchase, a luxury residential property in China for US$100m.
Hongkong Land and Rodamco China BV both hold a 40% stake in King Kok. Crown Pacific Development, a joint venture between Hong Leong Group (Singapore), Temasek Holdings Pte and Keck Seng Group own the remaining 20%.
Commenting on the venture, Hongkong Land MD Percy Weatherall said: “We have been monitoring the China market closely for some time and the formation of this joint venture is in line with our strategy”.
EGi News 09/09/97
