A homecoming for Hong Lai Huat in name and substance
Developer is raring to be back in local property market, after diversifying into agriculture in Cambodia 10 years ago.
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IT has been 10 years since real estate and property developer Hong Lai Huat Group put its Singapore operations on hold and focused on diversifying into a new agriculture business in Cambodia.
Pummelled by periodic financial crises affecting the property sector, the company took a step back in 2008 to find something that could anchor it during difficult times.
"We had to analyse it and see, how do we raise the funds to expand the company? How to get into a more stable business that will not be affected by the crisis?" says founder and chief executive officer Johnny Ong. "We found that agriculture would be the best way, although we knew it would not be easy to be successful in this business."
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