Wee Hur takes 37% stake in 2 China development projects

Investment is pegged at $24 million.

Wee Hur Holdings Ltd has entered into two agreements with four individuals to invest in two property development projects in China.

In a report by RHB, the development of each project comprises two phases, with Phase 1 approximately 70%-sold to date and Phase 2 expected to commence in the second half of 2014 and complete in 2016.

RHB says that under the joint venture, Huirui and Wee Hur International shall each hold 63% and 37% stake in a joint venture company to be set up in Singapore, which will in turn ultimately own the entire stake in the existing project.

The existing project, known as Huifeng Central Square, consists of retail, office and residential units, and has a total gross floor area (“GFA”) of approximately 143,700 square metres.