IPC Corp to develop property project in China's Yantai City
By Loh Kim Chin, Channel NewsAsia | Posted: 11 July 2007 2152 hrs
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Singapore-listed personal computer maker and distributor IPC Corporation is making further inroads into property development in China.
Its subsidiary Zhuhai IPC Property Development is planning to develop a commercial and residential project in Yantai City.
The project will be undertaken with Yantai City's Laishan District's Dongbozi Enterprise.
Dongbozi will provide two parcels of land totalling about 750,000 square metres for the project.
The development is expected to yield about 1.4 million square metres of gross floor area.
Zhuhai IPC will be responsible for the overall planning and development as well as construction and marketing of the project.
It will also provide an initial cash funding of up to 70 million renminbi, or S$14 million, from internal resources.
Dongbozi will be allocated up to 40 percent of the floor area of the commercial development and 30 percent of the residential development.
The remaining development will go to Zhuhai IPC.
The project will be carried out in phases and the entire project is likely to take more than five years to complete. - CNA/ch
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