Friday, February 6, 2009

Daily news - 5 Feb

Allgreen bids for 2 sites in Tangshan with partners
Allgreen Properties, with subsidiaries of Kerry Properties, Shangri-La Asia and Kuok Brothers, has agreed to submit a joint bid for two sites in China's Tangshan City, Allgreen said yesterday. The developer said on Jan 15 that it would withdraw its bid for three development sites in Tangshan, Hebei, blaming 'current economic conditions'. It said the penalty for withdrawal and termination was 21 million yuan (S$4.6 million). Yesterday, Allgreen said the two sites the partners now intend to bid for have have been released by the authorities for open bidding following the withdrawal of the bid for the original three Tangshan sites. The partners have paid the authorities a deposit of 239 million yuan to qualify for open bidding for the two sites. The total gross area of the sites is 94,768 sq metres. The land is designated for hotel, residential and ancillary commercial use. Allgreen's stake in the venture is 25 per cent. Kerry Properties, Shangri-La Asia and Kuok Brothers have respective stakes of 40, 20 and 15 per cent.

Source: Kim Eng

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