KUALA LUMPUR: Sunway Holdings has entered into a Memorandum of Understanding (MoU) with the XuanCheng Municipal Government to develop an integrated city in XuanCheng.
In a filing to Bursa Malaysia on May 10, the conglomerate said the development will consist of an international-standard entertainment park, exhibition centre, hotels, shopping malls, offices and residential units on land to be acquired from the XuanCheng Municipal Government.
The city of XuanCheng is located at 260km east of Shanghai and borders the provinces of Jiangsu and Zhejiang. It covers an area of 12,340 sq km and has a population of 2.8 million.
Under the MoU signed on May 6, Sunway Holdings shall be the master developer and undertake a feasibility and market study on the proposed development. It will also prepare a preliminary master plan for the proposed development within four months from the date of the MoU.“The MOU is in line with our strategy of expanding further into adjoining businesses and accessing the China market. The MoU will give us the opportunity to explore the feasibility of developing a large landbank of about two million sq m and to negotiate terms and conditions that are mutually beneficial to us and the XuanCheng Municipal Government,” Sunway Holdings said.
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