Journey to Wealth
IOI Corporation Bhd (RM5.03/share) Moves closer towards China property plan
IOI Corporation Bhd has moved closer towards its plan to venture into property development in China after getting the government's approval to set up a unit in Xiamen.
IOI Corp said its 99.8% owned Palmy Max Ltd had on Sept 30 received a certificate of approval to set up a unit IOI (Xiamen) Properties Co. Ltd in Xiamen. IOI (Xiamen) Properties was incorporated on Sept 27 with a total registered capital of US$250mil and is currently dormant.
The company added that IOI (Xiamen) Properties intends to undertake a mixed-use development in Jimei District, Xiamen, Fujian Province in China. - StarBiz
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