Shangri-La to Expand Presence in Tianjin
SINGAPORE, China, June 28, 2006. Shangri-La Asia Limited and Kerry Properties Limited of Singapore have signed a stock transfer agreement and a joint venture contract to develop a project in the Hedong District of Tianjin, a northern Chinese city.
They will form a joint venture together with Singapore-based Allgreen Properties Limited to develop the project, covering an area of about 86,000 square meters, which was bought by Shangri-La for USD 60.4 million in 1994. The total investment for the project is CNY 4.5 billion, and its construction area is about 499,00 square meters.
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