Ascendas eyes more industrial deals under new JV with China Machinery

It will explore more acquisitions in Asian countries.

Ascendas Group has entered into a joint venture agreement with China Machinery Engineering Corporation (CMEC) China’s first-rank state-owned industrial and trading enterprise, for a strategic collaboration in industrial / business park investments and developments across Asia.

Under the joint venture, Ascendas and CMEC will establish a collaboration framework for industrial / business park investments, as both companies jointly explore opportunities in key Asian countries under China’s One Belt One Road initiative. These include China, India, Vietnam, Indonesia and Malaysia.

The partnership enables Ascendas to leverage CMEC’s extensive network of Chinese companies to widen its customer base for business space solutions in Asia. CMEC can also capitalise on Ascendas’ expertise and regional presence, to assist Chinese companies venturing beyond China.

The partners will also jointly explore opportunities to co-develop industrial / business parks in these markets to serve the needs of international corporations and Chinese companies venturing overseas.