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Malaysia-based Jasatera Berhad signed a memorandum of understanding (MOU) with the Xinjiang Construction & Engineering (Group) Co Ltd to co-develop a mixed commercial area in Malaysia Monday in Beijing.
According to the MOU, combined investment for the five-year project is 400 million Malaysian ringgit (US$105 million).
The mixed commercial area, covering 324,000 square meters, is to be located in Tanjung Lumpur of Malaysia's Pahang State.
Koo Yuen Kim, chairman of board for Jasatera Berhad, said the two companies are working hand in hand for the construction of medium cost apartments.
"Based on the friendly and efficient co-operation we've enjoyed so far, we both want to further expand our business links," said Koo. Jasatera Berhad is a listed company in the second board of the Kuala Lumpur Stock Exchange and is engaged in construction project management and consultancy.
A spokesman for the Xinjiang Construction & Engineering (Group) Co Ltd, a State-owned enterprise, said they have been inspired by the central government's policy to encourage Chinese companies to do business in overseas markets. "Based on our upgraded technology and rich experiences in the engineering and construction sector, we are confident about the projects," said the spokesman.
(China Daily September 16, 2003)
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