Thursday, May 17, 2012

Chongqing project progressing as planned CapitaLand

SINGAPORE: A consortium led by CapitaLand that is pumping 21 billion yuan (S$4.3 billion) into developing a site in Chongqing, China, said it is working closely with the local government to implement the project and the project is "progressing as planned".

The other members of the consortium include CapitaMalls Asia and Singbridge Holdings Pte Ltd, which is wholly-owned by Temasek Holdings.

In a filing to the Singapore Exchange, the property developer said Chinese Vice Premier Zhang Dejiang, who is also Chongqing's party secretary, met Mr Wong Kan Seng, chairman of Singbridge, and Mr Liew Mun Leong, president and CEO of CapitaLand Group on Wednesday.

During the meeting, Vice Premier Zhang Dejiang "expressed support for the project and sincerely welcomes Singapore enterprises to develop in Chongqing", according to CapitaLand's statement.

The comments came in the wake of recent political drama in Chongqing after Bo Xilai stepped down as the city's party secretary in March.

The development, located on a prime site in Chaotianmen, will comprise a shopping mall and eight towers for residential, office, serviced residence and hotel use, with a total gross floor area of about 817,000 square metres.

View the original article here

Source From Channel Mews Asia

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