Perennial Real Estate Holdings incorporates China subsidiary

PERENNIAL Real Estate Holdings Ltd (PREH) said it is incorporating Guangdong Pengxiang Management Co, Ltd as an indirect subsidiary.

The subsidiary - whose principle activity is management business - has a registered capital of 270 million yuan (S$54.5 million).

The company's owned subsidiary, PRE 2 Investments Pte Ltd, has a 70 per cent equity interest in the subsidiary.

The remaining 30 per cent equity interest is held by Guangzhou Tongjie Real Estate Ltd, a Guangzhou-based developer.

The company announced its joint venture agreement with Guangdong Boai Medical Group Co, Ltd, a subsidiary of the China Boai Medical Group on July 3, 2015, to jointly invest, develop, and manage hospital services throughout China.

PREH fell by 0.5 cents to 90 cents on Monday.