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Apsil inks MOUs for partnerships in China, proposes name change
CATALIST-LISTED Asia-Pacific Strategic Investments (Apsil) - an investment holding firm that counts tycoon Oei Hong Leong as a substantial shareholder - has inked two partnerships for projects in China.
The group has also proposed a name change to China Real Estate Group to better represent its "new strategic thrust as a lifestyle property developer".
The first non-binding Memorandum of Understanding (MOU) with state-owned Hangzhou Grand Canal Comprehensive Protection & Development Group (HGC) will allow Apsil to participate in the future development of areas surrounding the Grand Canal.
The 1,776 km Grand Canal is the world's largest inland waterway system linking Beijing in the north to Hangzhou in the south, and is a popular tourist destination.
"We are privileged to work with HGC not only because it is one of China's highly respected and experienced urban planners and real estate developers, but also because we have a common focus in creating new leisure and lifestyle hubs in China, especially along the Grand Canal," said Apsil chief executive Choo Yeow Ming.
The second non-binding MOU is with Shenzhen-listed YaGuang Technology Group, China's largest yacht builder, to jointly market and promote river yachts and related products and services at Apsil's 72 per cent-owned Huzhou Project marina and yachting hubs, as well as future projects in China.
In November 2017, Apsil acquired a 72 per cent stake in Huzhou Agriculture and Huzhou Culture, two real estate companies which own management rights for a land parcel located west of the Yangtze River, known as the Huzhou Project. The plan is to create a premier integrated leisure-cum-lifestyle hub which includes waterside villas, island residences and townhouses with a focus on well-being and healthy living facilities.
The Huzhou Project is located in the Yangtze River Economic Belt, which stretches over nine provinces and the two municipalities of Shanghai and Chongqing.
YaGuang specialises in the design, research and development, manufacture, sales and servicing of boats and yachts. The company will also serve as a consultant for and operate the Huzhou Project's yacht centre, offering yacht training and certification courses for boating enthusiasts.