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Sunway inks MoU to explore mixed development project in China

KUALA LUMPUR: Sunway Holdings Bhd has entered into a memorandum of understand (MoU) with Shanghai Zhushengyuan Real Estate Co Ltd (SZRE) to explore the feasibility of a number of projects including a mixed development in Wuguang New City in Wuguangxincheng, Changsha in China.

In an announcement on Bursa Malaysia on Friday, Oct 22, the group said under the terms of the MoU, both parties will jointly undertake feasibility studies and bid, invest, construct and develop the land plots under the proposed development.

The MoU will be valid for 18 months, unless if either party decides to extend the period.

Sunway said the MoU was in line with its strategy to expand into adjoining businesses and accessing China's market, given that a bulk of its revenue is derived from ventures abroad and that it has a strong presence in China in view of its large population and high economic growth potential.

The group also expected the MoU to contribute positively to its future earnings.

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