KFH invests USD 275 mln in grand real estate project in China
Posted: 31-08-2008 , 06:26 GMT
Kuwait Finance House's (KFH) acting CEO Emad Al-Thaqeb stated that KFH signed a USD 275 speculation contract with Nan Hai Limited, which is a Chinese, to invest in Peninsula project, the biggest real estate development project in Shekou and Shenzhen areas in China. The project occupies 1 million square meters, with a total cost of USD 3 billions. This comes as a step from KFH to cement its investments in this vital spot of the world, in addition to expanding KFH geographical presence, especially after the great successes achieved in Malaysia, Singapore, Indonesia, and other important areas in South East Asia, China and the Indian subcontinent.
Al-Thaqeb added in a press release that investing in such a grand project is a great opportunity, since the project possesses distinguished, unique facilities, in addition to numerous advantages, like its strategic location between Hong Kong and China, not mentioning the partners like Liu Wan Development (BVI) Limited, which is fully owned by Nan Hai Limited that is enlisted in Hong Kong's Stock Exchange. Taking into consideration the ongoing boost in the Chinese economy, it is safe to say that KFH will reap good returns from this opportunity, in addition to adding a qualitative addition to KFH's investments in South East Asian countries and China. It is worth noting that this comes after the huge success that KFH achieved after participating in the huge Pavilion Tower in Kuala Lumpur, Malaysia.
Moreover, Al-Thaqeb stressed KFH's keenness to develop and reinforce it's investments in South East Asian countries and China, and its efforts to strengthen the commercial and economical ties among these countries, Kuwait and the GCC, by making KFH- Malaysia and Singapore serve as center points. This will serve KFH's global expansion policy and create many investment opportunities, which will lead to better returns and services for KFH's clients and shareholders.
On his behalf, the International Real Estate Department Manager at KFH Ali Al-Ghannam, announced that KFH's participation in the Peninsula project is through KFH's Asian fund 2, which was recently established, and that the speculation contract that was signed is valid for 3 years. He added that the project overlooks the sea and is divided into 5 constructional phases, with a cost that exceeds USD 3 billions. In 2006, more than 1000 residential units were sold in 5 days from the first phase of the project.
Furthermore, he said that KFH takes great interest in this new, unique and high valued project, especially after KFH's Asian fund 1 success, through investing in Pavilion in Malaysia. Peninsula project is expected to achieve not less than 15% in returns for KFH and investors when it is marketed.
Kuwait Finance House's (KFH) acting CEO Emad Al-Thaqeb stated that KFH signed a USD 275 speculation contract with Nan Hai Limited, which is a Chinese, to invest in Peninsula project, the biggest real estate development project in Shekou and Shenzhen areas in China. The project occupies 1 million square meters, with a total cost of USD 3 billions. This comes as a step from KFH to cement its investments in this vital spot of the world, in addition to expanding KFH geographical presence, especially after the great successes achieved in Malaysia, Singapore, Indonesia, and other important areas in South East Asia, China and the Indian subcontinent.
