Seeks Expansion into PRC Real Estate Sector
Hsin Chong Construction Group Limited (“Hsin Chong Construction Group” or the “Company”, stock code 404) and its parent company Mission Hills Group jointly held a cocktail reception on 24 Jan 2008 to celebrate the Company becoming a member of Mission Hills Group .
Carrick Worldwide Limited (“Carrick”), a wholly-owned subsidiary of Mission Hills Golf Club Limited (“MHGCL”), completed the acquisition of approximately 59.04% of the issued share capital of Hsin Chong Construction Group in December 2007. MHGCL is wholly owned by Dr. David Chu, JP, the Group Chairman of Mission Hills Group. Mission Hills Group is principally engaged in integrated resort operations, including the Mission Hills Golf Club, hotels and spa facilities, as well as property development. Dr. David Chu, JP, was then appointed Chairman of Hsin Chong Construction Group, while Mr. Wilfred Wong, JP, was appointed Deputy Chairman and Dr. Kenneth Chu was appointed as a Non-executive Director.
Dr. David Chu, the new Chairman of Hsin Chong Construction Group, said, “Mission Hills Group is delighted to welcome our new member, Hsin Chong Construction Group. We are also excited to be able to expand into the construction sector via Hsin Chong Construction Group. As a leader in the Hong Kong construction sector with 68 years of solid track record, Hsin Chong Construction Group has made significant contributions to the industry. Mission Hills Group is committed to continue developing the core business of Hsin Chong Construction Group, while seeking collaboration between the two companies and exploring new business development opportunities.”
The future development of Hsin Chong Construction Group will be two-fold. Firstly, Hsin Chong Construction Group will leverage its experience and expertise in construction management, the opportunities provided by sustainable economic growth and the government’s plan to boost large-scale infrastructure development, to continue expanding its construction business. At the same time, with rapid urbanization and growing GDP in China, the demand for quality residential developments will continue to increase. This provides an excellent opportunity for Hsin Chong Contstruction to capitalize on its own competitive edge, coupled with Mission Hills Group’s long-standing and extensive network as well as ample sales and marketing experience, to seek its expansion into the residential property sector in the PRC.
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Dr. Chu concluded, “Hsin Chong Construction Group is entering a new stage of development. We will ride on our unique competitive edge to further optimize the Company’s development, and seek to generate greater synergy with the parent company Mission Hills Group, to create greater shareholder value.” |