HONG KONG (Reuters) - Shun Tak Holdings Ltd (0242.HK) said it would team up with Perennial Real Estate Holdings Ltd (PERE.SI) and other firms in Singapore and Thailand to jointly invest up to $1.2 billion in healthcare-related property projects in China.
Perennial will hold 45 percent of the joint venture, Shun Tak 30 percent, Bangkok Bank (BBL.BK) 10 percent, and the rest will be held by four other firms, the Hong Kong-based property-to-transportation group said in a filing late on Wednesday.
The JV, which may see its total committed capital increase to $1.2 billion from an initial $500 million, will invest in potential healthcare-related real estate projects, with hotel and retails components, located in provincial capital cities in China that have high-speed rail connectivity.
Shun Tak said the deal would help it expand and diversify its property investment portfolio by tapping the growing healthcare industry in the mainland. The company will fund its investment by internal resources.
Reporting by Donny Kwok; Editing by Himani Sarkar