Cheung Kong (Holdings) Ltd to invest in Qingdao
(China Daily HK)
Updated: 2006-07-03 15:08
Cheung Kong (Holdings) Ltd and affiliate Hutchison Whampoa Ltd plan to lift
total project investment in a joint property venture in Qingdao in East China's
Shandong Province to US$336 million.
Braintech, in which both companies have a 45 per cent stake, and Qingdao Xiao
Gang Wan Travel Development and Construction Ltd won the land bid for the
Qingdao Xiao Gang Wan project for 2.25 billion yuan (US$281.4 million), the
companies said in a joint statement yesterday.
The remaining 10 per cent shareholding is held by Billion Merit Ltd. Cheung
Kong and Hutchison planned to boost total investment in Braintech from US$118
million to help pay for land costs, construction and other costs for the
redevelopment of the land.
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