GSH Corp to pay 200m yuan for 30% stake in food logistics company
REGIONAL property developer GSH Corporation announced that it will invest 200 million yuan (S$40.6 million), for a 30 per cent stake in Henan Zhongyuan Group.
Based in Zhengzhou, the capital of Henan province, Henan Zhongyuan Group owns a food logistics and warehousing hub which has a total lettable area of more than 350,000 square metres of cold storage, food warehousing, and retail space. It is one of the largest of its kind in China.
Located in central China, Zhengzhou is a major trading and distribution centre, with its good connectivity to the rest of the country due to its linkages with major highways and train routes.
Gilbert Ee, CEO of GSH, said: "Investing in Henan Zhongyuan will help to diversify and balance our existing hospitality, commercial and residential property portfolio, in Singapore and Malaysia and will also enable GSH to have a strong recurring income in a high growth industry.
"The investment creates the platform for GSH to launch into China's real estate market."
GSH Corporation last traded at S$0.32 on Wednesday.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Google, US clash over search advertising as trial winds down
Apple rallies most in 18 months on upbeat forecast, buyback
US: Wall St opens sharply higher on soft jobs data
HSBC has no plans to dispose of further businesses, chairman says
Glencore Group nears deal for Shell’s Singapore oil refinery
Chinese share of French EV market slumps after incentives curbed