BIZCHINA / Overseas Investment
Developer to triple China investment
By Zheng Lifei (China Daily)
Updated: 2007-03-13 09:29
Ascendas, Asia's leading business space solutions provider, is planning
to more than triple its investment in China its second-largest market in
the next five years, a top company executive said.
The Singapore-based industrial real estate developer has so far poured
S$700 million ($458 million) in China since it entered the market in 1995.
"We are planning to triple that number in five years and the total
investment would probably reach $1.64 billion then," Chong Siak Ching,
the company's president and CEO told China Daily.
"China continues to be a very strong potential market for us," the CEO
said, citing its dynamic economy and the booming manufacturing and
services industries.
The company's core business in China includes industrial parks. One of
its flagship projects is Suzhou Industrial Park, a multi-billion-dollar
government project between Singapore and China.
"We offer a wide range of facilities and services such as ready-built and
built-suit space and we are expanding and introducing more services to
China," the CEO said.
The company has recently introduced IT parks to China and has set up such
facilities in Nanjing, Xi'an and Dalian, the country's major business
process outsourcing (BPO) bases.
"China's thrust toward higher value-added and more knowledge-intensive
activities such as BPO will drive demand for such facilities. This is an
area where Ascendas can leverage its expertise," Chong said, citing her
company's reputed IT park projects in India's Bangalore.
The Singaporean business space provider, which has operations in 10
cities across China, is not planning to enter more new areas, she said.
"Deepening our presence in the existing cities is one of the keys for us."
Ascendas, Chong said, will focus on "east and north" in its expansion,
referring to the cities in the Yangtze River Delta and cities such as
Beijing, Tianjin and Dalian.
The Singaporean real estate developer, which has assets worth $3.3
billion under its management, has branched out into commercial buildings
sector in China recently.
(For more biz stories, please visit Industry Updates)
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