China's Ninth Richest Man Makes Surprise Visit To IDR

China's Ninth Richest Man Makes Surprise Visit To IDR


JOHOR BAHARU, May 25 (Bernama) -- China-based property developer and chairman of the Shimao Group, Hui Wing-mau, ranked the ninth-richest man in China by Forbes magazine recently, has made a surprise visit to southern Johor's Iskandar Development Region (IDR).

Danga Bay Sdn Bhd, a key developer within the IDR, said in a statement here today that the billionaire, one of China's wealthiest entrepreneurs and biggest real estate tycoons, is reportedly keen on investing in a waterfront project in the IDR.

Hui was personally briefed on the shape of things to come in the IDR by Johor Menteri Besar Datuk Abdul Ghani Othman last Sunday, and was reportedly impressed with the size and scope of the development.

"This location is superb for a world-class project," he told Ghani through his interpreter and personal aide, Joseph Tong, adding that the Shimao Group is open to investment opportunities in the IDR.

Several local and foreign companies have already indicated interest to invest more than RM10 billion in the IDR over the next five years.

The IDR, spread over 2,217 sq km and three times the size of neighbouring Singapore, is expected to draw some US$105 billion (US$1 = RM3.39) in total investments over 20 years - making it Malaysia's most ambitious project ever.

Interest in the IDR remains strong, last month seeing 20 business groups, individuals and corporations visiting Nusajaya in Gelang Patah and the Danga Bay Integrated Waterfront City to feel the pulse of the rapid developments taking place.

On Thursday, a 25-member delegation from the Associated Chinese Chambers of Commerce & Industry Malaysia (ACCCIM) and 13 senior official of the Singapore Chinese Chamber of Commerce & Industry (SCCCI) visited the IDR.

The statement said Middle Eastern investors, especially from the United Arab Emirates, Bahrain and Qatar, have also been flying into Johor to assess the viability of investing in the IDR.

"The IDR masterplan is very attractive. We would like to participate in this exciting development," the statement quoted a spokesman of the Barwa Group of Qatar as saying after a visit here on March 30.

The group is on the lookout to invest US$1 billion in tourism and real estate projects in Asia.

Fund managers tracking listed companies with projects in the IDR are also among the regular visitors here to evaluate the status and future business prospects of the firms they monitor.

Counters such as UEM World Bhd, Ekovest Bhd and Tebrau Teguh Bhd have seen share prices spike by over 40 percent on Bursa Malaysia in recent months, with the uptrend expected to continue until the end of the year.

CIMB Bank, OSK Holdings Bhd, Debt Capital Market & Investment Bank (Singapore), BNF Paribas and Citibank Corp have had their fund managers visit the IDR of late.

Making the list later this month will be fund managers from ECM Libra Avenue, Deutsche Bank (Singapore and New York), AXA Framlington (UK) and Fidelity Investments.

In its report after a two-day visit in mid-March, CIMB described investment opportunities in the IDR as exciting, noting especially that the Danga Bay Integrated Waterfront City will be a crowd puller.

The IDR has also hosted visits by special interest groups in recent weeks like Umno, MCA, Singapore Chamber of Commerce & Industry, Malaysian Indian Business Association and the Singapore International Chamber of Commerce & Industry.

Additionally, business tycoons from Singapore, Indonesia, South Korea, Japan, Thailand, Europe and the US have also made visits and discreet enquiries to size up business opportunities in the region.

-- BERNAMA