Heeton-KSH-Oxley-SLB JV delays Nov launch of Gaobeidian project amid trade war
SINGAPORE (Oct 21): Heeton Holdings, KSH Holdings, Oxley Holdings and SLB Development have delayed the November launch of its Gaobeidian project in China.
This is due to uncertainties arising from ongoing trade war between the US and China, the JV said in a filing on Friday night.
The JV is investing RMB145 million ($28.8 million) in the developer of a property project in Gaobeidian in Hebei province.
See: KSH, Oxley, Heeton and Lian Beng invest $30 mil in Gaobeidian project developer
The initial launch of the sale of the residential units in Phase 1 of the project was for next month.
The JV has not announced a revised launch date and says it will do so when market sentiment improves.
In the JV, Oxley holds a 27.5% interest in the project, while KSH holds 22.5%, SLB holds not more than 10% and Heeton holds 7.5%.
Gaobeidian is adjacent to Xiong'an which has been accorded “special economic zone” status similar to what Shenzhen was given back in 1980.
KSH also has a 22.5% stake in a massive 5.3 million sqm development called Sino Singapore Health City in Gaobeidian.
See: KSH sets its sights on Gaobeidian bonanza
The delay is not expected to have any impact on their FY19 earnings.
On Friday, shares in Heeton closed at 51 cents, KSH at 56 cents, Oxley at 31 cents and SLB at 18 cents.
