Chasen Holdings bagged RMB60 mln worth of relocation projects

Relocation specialist expands in Nanjing and Beijing, China with two joint ventures.

Chasen Holdings Limited, a relocation specialist with complementary technical and engineering capabilities, on Monday said it has secured two relocation projects in Nanjing and Beijing, China with total value of RMB60 million, a release from the group said.

According to the release, the first joint venture is between Chasen Logistics Services Limited, a wholly-owned subsidiary of the group, and a major Japanese electronics manufacturer. The RMB20-million project, which is expected to be completed by April 2011, tasks Chasen to move a 6-Generation TFT LCD plant to its new establishment in Nanjing, China.

The second project, to move 8.5-Generation TFT LCD panel manufacturing plant to a new factory in Beijing, China, will start operation in November 2010 and is expected to be completed by June 2011. The project involves another China-based subsidiary of the Group, Chasen (Shanghai) Hi-Tech Machinery Services Private Ltd, which was awarded the RMB40-million relocation project.

“We have seen Japanese and Korean manufacturers accelerating their deployment in the Chinese market and witnessed a series of mergers occurring among Taiwanese manufacturers2. I believe we are definitely in a strong position to benefit from this trend after securing these additional two contracts. I look forward to delivering these projects to the complete satisfaction of our customers,” said Low Weng Fatt, Managing Director.

Chasen said the recovery of the Chinese economy had led to a surge in consumer demand for TFT LCD panel sets. It was reported on Quarterly Large Area TFT LCD Shipment and Forecast Report that shipments of large area (9.1” and larger) TFT LCDs had climbed to a quarterly record high of 170 million units, with 9% Q-o-Q and 31% Year-on-Year growth rate.