WHARF (Holdings) is pushing ahead with its expansion drive in China by securing a US$67 million property development in Shanghai.
The project is its first property venture in Shanghai.
Wharf is to invest about HK$209 million for its 40 per cent stake in the development.
It said the investment was equal to about 0.6 per cent of the net tangible asset value of the company as at December 31.
Wharf chairman Peter Woo Kwong-ching and director Shinichiro Watari are both involved personally in the project. Through their respective investment vehicles, they each own 15 per cent of the development.
The two mainland partners are Shanghai Shen Cheng Property Development Co, which owns a 20 per cent stake, and PICC Shanghai Real Estate Development Management Corp, which holds a 10 per cent interest.
Wharf said yesterday its subsidiary, Wharf (Jingan), had entered into the agreement for the residential and commercial project in Shanghai.