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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