Sunway Holdings signs MoUs to acquire 39 acres in China

KUALA LUMPUR: Sunway Holdings Bhd entered into two memorandum of understandings (MOUs) with the Jiangsu Changshu Economic Development Zone Authority on Nov 29, 2010 to acquire two pieces of land measuring 14 acres and 25 acres respectively to build factories to manufacture undercarriage parts and hoses, the group announced on Wednesday, Dec 1.

The Changshu Economic Development Zone Authority was established in 1992 and covers 71 sq km. It is 60 minutes from Shanghai, and has a deep-water international port. It has a total registered capital of US$6 billion (RM18.96 billion) invested by 230 foreign companies, the group said.

As the national economy of China continuing to grow at about 10% this year, the group sees the prospect for the manufacturing and industrial components of China's economy remaining strong.

Sunway Holdings's principal activities are investment holding and provision of management services.