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Ascendas, CMEC collaborate in industrial and business park projects in Asia

Xinhua, November 9, 2015 Adjust font size:

Asia's leading business space solutions provider, Ascendas Group (Ascendas), has entered into a joint venture agreement on Monday with China's state-owned industrial and trading enterprise, China Machinery Engineering Corporation (CMEC), for a strategic collaboration in industrial and business park investments and developments across Asia.

Under the joint venture, Ascendas and CMEC will establish a collaboration framework for industrial and business park investments, as both companies jointly explore opportunities in key Asian countries under China's "One Belt One Road" initiative. These key markets include China, India, Vietnam, Indonesia and Malaysia.

According to the press release, the partnership enables Ascendas to leverage CMEC's extensive network of Chinese companies to widen its customer base for business space solutions in Asia. CMEC can also capitalize on Ascendas' expertise and regional presence, to assist Chinese companies venturing beyond China.

The partners will also jointly explore opportunities to co-develop industrial and business parks in these markets to serve the needs of international corporations and Chinese companies venturing overseas.

"The partnership builds upon our presence in Asia and offers a platform to share our development experience and regional knowledge with leading Chinese enterprises. Ascendas' partnership with CMEC epitomises our deepening of relations with Chinese enterprises, as we work hand-in-hand with our partners to explore growth opportunities within China as well as in the region," said Manohar Khiatani, President & Group CEO of Ascendas.

Zhang Chun, Executive Director & President of CMEC, said, "We are happy to partner Ascendas as they have the right experience, familiarity with China's business culture, and a strong track record in real estate development and investment, to help us grow our presence in the region. We look forward to a mutually beneficial partnership with Ascendas that will create value, extend market reach and open up growth opportunities for Chinese corporations in Asia." Enditem