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CNQC Acquires 33.33% Interest in A Singapore Project Company Penetrating the Indonesian Market

Updated Date: 2018-09-18

(18 September 2018 - Hong Kong and Singapore) CNQC International Holdings Limited ("CNQC International," "the Company," together with its subsidiaries, collectively "the Group”, stock code: 1240.HK), a leading property developer and contractor in Singapore, is pleased to announce that the company has acquired 33.33% interest in Singapore Project Company through the company’s subsidiary. Upon completion of the acquisition, the Singapore Project Company will become an associate of the Company. The Singapore Project Company owns 60% interest in an Indonesian Project Company. The Company will further promote its business allocation in Indonesian market through the acquisition.

 

The Indonesian Project company owns a Project, located in the Bogor district to the south side of Jakarta's central area. The project covers an area of 24.7 hectares. The project will be predominantly into residential properties. The Bogor district is actively developed by the Indonesian government. Due to the large population and the delay of regional planning of the Central district, a large number of people are spreading to the surrounding areas when purchasing property, which makes Bogor district develop rapidly.

 

The Chief Executive Officer of CNQC, Mr. Wang Congyuan, said: “The Group takes the ‘One Belt, One Road’ policy as the development direction and actively expands the layout of the Southeast Asia region. The acquisition of the Singapore Project Company is to increase the business layout in Indonesia and to grasp the new opportunities for developing Indonesian market through the project.”

 

"The Group will continue to develop its existing business and technological advantages, lay a foundation, and continue to expand its resource reserves and develop outstanding projects in Singapore, Hong Kong, Macau and other markets of Southeast Asia with the goal of becoming an excellent property development and contractor in Southeast Asia."