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Hatten Land forms JV to develop properties in China

CATALIST-LISTED Malaysian real estate developer Hatten Land is forming a joint venture (JV) company with Chinese consulting firm Billion Celestial Holdings for property development in China.

The JV, Hatten Wellness China, will be 55 per cent-owned by Hatten Land with the balance held by Billion Celestial.

Hatten Land said on Monday that it had entered into a JV agreement with Billion Celestial, and that it intends to tap on the experiences and network of the Chinese company for potential projects in the country.

Through its wholly-owned subsidiary, Sky Win Management Consultancy, Hatten Land will set up a special vehicle to hold the shares in the JV.

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Billion Celestial provides consulting services to businesses in China, and is led by its directors, Hao Dongting and Lim Lip Khoon. It is not related to Hatten Land and Hatten Land’s directors and substantial shareholders.

Separately, last week Hatten Land said it had received an extension until April 10, 2020, to repay a US$20 million loan to Haitong international Financial Products (Singapore), with a partial US$2.5 million payment due by Jan 10, 2020.

Shares of Hatten Land were trading at S$0.10 as at 9.50am on Monday, down 0.4 cent or 3.8 per cent, after the JV announcement. The company has a portfolio of integrated residential, hotel and commercial developments in Malaysia.