CHIP Eng Seng announced on Friday that it is investing about 153 million yuan in a real estate development project in Taicang City, Jiangsu, China.
Following the investment, the company and Haiyi Investment will respectively hold 51 per cent and 29 per cent of the equity interest of the project. The remaining 20 per cent equity interest will be held by a newly incorporated entity to be controlled by local shareholder Ren Weimin. The objective of the investment is to apply the proceeds towards discharging its outstanding liabilities such that its assets will be unsealed, after which it can resume normal operations and commence work on the project, said the company.
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