The project company, effective controlled by local shareholder Ren Weimin, currently owns a property covering a total land area of 90,657 sqm at 26 Dangqian Road, Huangjing town in Taicang city, Jiangsu, which is bordered by Shanghai.
SINGAPORE (June 15): Chip Eng Seng and controlling shareholder Haiyi Investment are jointly investing RMB240 million ($47.5 million) in a distressed property company based in Taicang city in Jiangsu province, China.
Chip Eng Seng says the investment will enable the project company to discharge its outstanding liabilities such that its assets will be unsealed and restart a project involving the development and construction of a residential development on a land area of 38,000 sqm, with a gross floor area of 111,111 sqm.
