Mah Sing Group Berhad made their first move into property development overseas via its wholly owned subsidiary Mah Sing International (HK) Limited which signed a letter of intent with Wujin District People’s Government to develop a mixed property development project in Wujin district, Changzhou, Jiangsu province in China.

Its subsidiary intends to enter a joint venture with DanLong Realty (Beijing) Co Ltd to jointly develop 87.31 acres of land located along Wuyi Road. The mixed development comprises medium to high end residential and commercial components with an estimated investment cost of USD620 million.

The joint venture company will also have an option to develop additional 53.13 acres land located north of Wujin High-New Zone of Zhangzhou City as well as 82.37 acres at the north intersection of Wunan Road and Wuyi Road, Ming Hung town, Wujin District, Changzhou City.

DanLong’s president Xue Yong Zhe said, “Mah Sing is Malaysia’s premier lifestyle developer widely recognized for its branding, performance track record and execution capabilities. We are excited by this joint venture since the two companies share a common vision to create quality and sustainable real estate developments in Wujin. We searched for partners who could bring the right combination of experience and creativity to develop such a landmark development in our city, and we found that Mah Sing’s track record and various international accolades meant that the company had vast experience in executing similar world class real estate developments.”

Mah Sing’s group managing director cum group chief executive Tan Sri Dato’ Sri Leong Hoy Kum said, “DanLong is a partner with good local knowledge and a strong network, and this joint venture paves the way for Mah Sing to establish a long term strategic relationship to grow our presence in China. We are confident of creating an outstanding development providing unique lifestyle experiences which will transform the way people live, work and play in Wujin.”

Mah Sing will hold a 51 percent stake of the joint venture while DanLong Realty will hold the remaining 49 percent interest. The registered capital of the joint venture company is a total USD80 million.