Shun Tak Holdings Ltd. (0242.HK) said Wednesday it is forming a joint venture with companies in Singapore and Thailand to invest in health care-related property projects in China, in a bid to diversify the group's portfolio.
The joint-venture company, Perennial HC Holdings Pte. Ltd., will have $500 million in committed capital, the Hong Kong-listed conglomerate said. Its unit, Wise Horizon Developments Ltd., will contribute $150 million to the venture.
Shun Tak said its partners in the venture include a unit of Perennial Real Estate Holdings Ltd. (40S.SG) and Bangkok Bank PCL (BBL.TH).
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(END) Dow Jones Newswires
January 03, 2018 06:19 ET (11:19 GMT)