China Economic Review
Charting China’s changing economic terrain · Since 1990
Shangri-La, Kerry Properties to invest about $50 million
February 2, 2010
Luxury hotel operator Shangri-La Asia and property developer Kerry Properties have agreed to invest a combined $50 million in a China real-estate joint venture.
The joint venture will develop hotel, commercial and residential projects in mainland China. The companies said they will fund the
investment with internal resources and bank loans.
A joint statement said Shangri-La Asia will own 45% of the joint venture and Kerry Properties will hold the rest.
Wall Street Journal reported that the companies said the joint venture is subject to the approval of relevant authorities in China.