L&G stake bought by HK tycoon

L&G stake bought by HK tycoon
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A property tycoon from Hong Kong, Tan Sri David Chiu, recently emerged as an 8.35% shareholder in Kuala Lumpur-based property developer Land & General Bhd (L&G).

It is thought that L&G´s relatively low share price and landbank in Bandar Sri Damansara, Kuala Lumpur and Tebrau, Johor could have been the reasons for Chiu´s recent investment.

Mayland Parkview Sdn Bhd purchased 50 million shares in L&G according to an announcement to the Bursa Malaysia. Mayland Parkview is linked to Malaysia Land Properties Sdn Bhd (Mayland) which was set up by Chiu nearly two decades ago and operates as a property development and investment group.

Mayland has a landbank also, with some prime plots in Kuala Lumpur and Johor Bahru. It is thought that some of these, and properties owned by Mayland, may be transferred to Land & General