Chinachem tipped for property ventures with UK's Chelsfield

Chinachem Group, the giant privately owned property company run by Nina Wang, may be poised to start joint-venture developments in Britain in partnership with Chelsfield, a successful London property company.

Mrs Wang owns 12.5 per cent of Chelsfield and last week took up a seat on the company's board as a non-executive director. It is understood the management of both companies are very close and would see a commercial venture as a result of their partnership.

Chelsfield, which was floated in 1993, primarily participates in large-scale retail developments and owns a 60 per cent interest in WentworthClub, a golf and country club.

Since listing, its shares have risen strongly, gaining about 65 per cent after the company hit a low point in March last year. They are now at a premium to net asset value.

Chinachem's performance is less easy to track, although the company is recognised as one of the largest in the territory, after profiting hugely from development of housing estates in the New Territories.

'I would have thought that the relationship is sufficiently close between Chelsfield and Chinachem that if an opportunity arises, where a joint venture might seem appropriate, that it could not be ruled out,' a source said.