PALIBURG International Holdings has joined forces with private firm Phlox International to form a joint venture company which is going after property projects in China worth up to $30 billion.
The new company, Century Phlox Holdings, is 70 per cent owned by Paliburg and 30 per cent by Phlox, with an initial capital of $100 million.
Paliburg chairman Lo Yuk-sui said more than 20 projects were in progress or being pursued by Century Phlox, involving a total site area of about 200 million sq ft and a potential floor area of more than 150 million sq ft.
He said the projects would involve a total investment of between $26 billion and $30 billion, spread over five to 10 years.
Century Phlox would adopt a flexible approach to financing, through borrowings or ''semi-equity'' methods, for investment in the projects, he added.
Mr Lo did not rule out the possibility of bringing in other companies as shareholders in the projects, but stressed that Paliburg had no plan for a cash call in the foreseeable future despite a series of property ventures in China.