Trade war hits launch of Oxley and SLB's project in China

The launch was initially scheduled in November, but it was moved to accommodate an improved market sentiment.

The launch of the first phase of a development project in Gaobeidian, the People’s Republic of China has been put on hold no thanks to concerns over the ongoing trade war between the US and China.

The project is co-owned by Oxley Holdings, which holds a 27.5% stake, and another listed company SLB Development, which holds a 10% stake.

“Due to circumstances arising from the on-going trade war between the United States of America and the People’s Republic of China, the marketing agent of the Gaobeidian Project has advised that the launch of the residential units of Phase 1 of the Gaobeidian Project be timed after the initial expected date of November 2018, when market sentiment improves,” SLB’s announcement said.

Oxley added that the construction of the Gaobeidian Project has commenced and the construction progress is on schedule.

“The group, together with its joint venture partners and the sale team of the Gaobeidian Project are monitoring market conditions closely and will launch Phase 1 of the Gaobeidian Project at an appropriate time,” SLB concluded.