SP Setia and the Rimbunan Hijau Group have signed a Sino-foreign joint venture contract with Qinzhou Jingu Investment Co, Ltd to develop the China-Malaysia Qinzhou Industrial Park (QIP). The Sino-foreign JV company will develop the QIP and is expecting to general a gross revenue of RM2.7bn from the QIP's start-up phase. SP Setia said the RM2.7bn income would be derived from land sales to industrial and commercial entities seeking to set up business in the QIP.
It also said that the start-up phase, spanning over 787ha comprising industrial and residential projects as well as schools, hotels, community centres, parks, playgrounds and green spaces, is expected to take three years to be completed. (Starbiz)