China developer pays RM4.5b for Johor land
[SHANGHAI] Guangzhou R&F Properties Co, a landlord in the southern Chinese city's business district, will pay RM4.5 billion (S$1.8 billion) to the Johor royal family for six sites in Malaysia, marking its first acquisition abroad.
The developer plans to build commercial and residential properties on the 116 acres (47 hectares) in the southern Malaysian city of Johor Bahru, according to a statement to the Hong Kong stock exchange yesterday. R&F will be able to build up about 3.5 million square metres of floor area including homes, offices and a hotel, on the sites, according to the statement.
Its entry into Malaysia follows Country Garden Holdings Co, the developer controlled by China's richest woman Yang Huiyan, which said last year that it will buy prime waterfront land in the southern part of the South-east Asian nation.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
Singapore top recipient of Q1 cross-border investments in Apac: Knight Frank
Dasin Retail Trust’s trustee-manager chairman, directors deny allegations of misconduct
Keppel Infrastructure Trust posts 29.1% lower Q1 distributable income
Bitcoin faces worst month since FTX crash with ETF demand cooling
AIA launches wealth centre targeting high-net-worth clients
Prudential’s Q1 new business profit down 2% at S$743 million