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Chinese developer plans to list Singapore unit on SGX next year

Source:   Time:

SINGAPORE, Aug. 13 (Xinhua) -- Chinese contractor and developer Qingjian Group plans to list its Singapore operations on the mainboard of Singapore Exchange in April next year, a member of the company's senior management has said.

A new holding firm, CNQC (South Pacific) Holding Ltd, will be established by the end of this month to encompass the main operations of the Singapore unit such as construction, real estate development and logistics, local daily Lianhe Zaobao reported on Monday, quoting Zuo Haibin, managing director of the Singapore unit Qingjian Realty (South Pacific) Group Pte Ltd.

Qingjian Group, the Qingdao-headquartered parent company, will hold a stake of 51 percent in the Singapore-listed firm, which will be worth about 500 million Singapore dollars (400 million U.S. dollars). The management of the firm will control about 24 percent.

About 25 percent of the shares will be sold through the initial public offering, which puts the amount of funds it hopes to raise at about 125 million Singapore dollars (100 million U.S. dollars).

Zuo said the company plans to use the funds raised to expand its businesses in hotel and office, or even trading in agricultural products.

Qingjian Group, formerly known as CNQC, was established in 1952, with its scope of business covering domestic and international contracting and investment, real estate development, capital management and logistics.

The company started operating in the Singapore market in 1999 and has since established itself as a leading contractor and grown its businesses in real estate development and logistics.

Zuo said his company has been localized to a large extent.

"The operations that we are planning to list are all in Singapore instead of China. Over the course of more than a decade, we have been growing steadily in the Singapore market and we are now fully accustomed to the local market," he said.

He said the main operations of the Singapore unit include contracting, real estate and logistics. It is also expanding fast in the Southeast Asian market and has a foothold in the Philippines and Myanmar. The listing will give the firm an advantage when it explores the regional markets as a Singapore firm.

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