KUALA LUMPUR: Iskandar Malaysia is set to receive some RM2 billion investments from a Beijing-based real estate developer. The project in Medini North, the leisure and tourism destination in Iskandar Malaysia, will be a joint venture between IIB's subsidiary Medini Iskandar Malaysia Sdn Bhd (MIMSB) and Zhuoda. To be 80 per cent owned by Zhuoda, the joint-venture company will build residential units on about 73,000 sq m site. IIB president and chief executive officer Datuk Syed Mohamed Syed Ibrahim said this is the first major investment by a Chinese property development company in Iskandar Malaysia. "Bilateral trade between China and Malaysia is expected to rise to at least US$80 billion (RM239.7 billion) in 2011 and IIB's partnership with Zhuoda will further support the efforts by both governments in promoting two-way investment between the two countries," he said in the statement. Zhuoda chief operating officer Yang Han Qing said the company, established 18 years ago, has a total asset value of US$7.8 billion (RM24.1 billion) and net asset value of US$6.6 billion (RM20.2 billion). "This signing is a milestone for Zhuoda's initial overseas investment and a landmark in Zhuoda's history to become a globalised company," Yang said. According to the Iskandar Regional Development Authority, Iskandar Malaysia has recorded a total cumulative investment of US$25 billion (RM75.96 billion) from November 2006 to June 30 2011. Foreign investments accounted for 40 per cent of this amount. Read more: Beijing developer to invest RM2b in Iskandar http://www.btimes.com.my/Current_News/BTIMES/articles/23ISKAY/Article/#ixzz1Zcy8qYYc |
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