Frasers Property subsidiary enters agreement to engage in potential land projects in China

The subsidiary will provide $394.41m to fund the cost of the proposed investments.

Suzhou Sing Heng Le Enterprise Development Co., Ltd. (SHL), a wholly-owned subsidiary of Frasers Property Limited, has entered into a strategic alliance framework agreement with a joint venture (JV) partner and its related entity to participate in a potential investment in certain land plots in China.

Under the agreement, SHL will provide approximately $394.41m (RMB1.8b) to fund the costs of the proposed investment.

The property developer’s other subsidiary Singlong Property Development (Suzhou) Co., Ltd. ("SSL") will also be lending an interest-bearing bridging loan of $257.16m (RMB1.200b) to the JV partner to be used as payment for the proposed investment.

The aggregate value of the Proposed Investment Amount which comprises the bridging loan and the participation amount is approximately $651.57 m (RMB 3.04b).

If the proposed investment materialises, the parties will establish joint ventures that shall own and develop the subject land plots. SHL will acquire an indirect interest of up to 25.0% in each of the JVs.

If the opposite happens, SHL will be entitled to a "full refund of all amounts paid under the framework agreement within a specified period, in accordance with the terms of the Framework Agreement, unless an alternative application of such amounts has been agreed by the parties.”

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