Chun Wo Development Holdings (00711.HK) is looking at foraying into the construction financing business and pursuing public-private partnership projects in mainland China and overseas.
The Hong Kong Economic Journal cited Chun Wo’s co-chairman Pang Yat-ting as saying that the construction firm is trying to shed its image as a family-controlled entity as it embarks on business expansion.
The company has successfully introduced China New Way Investment and China City Construction Group Holdings as new investors, Pang said.
The Pang family now owns about 9 percent of Chun Wo.
The company has recently secured a three-year HK$1 billion syndicated loan facility from a group of banks including Hang Seng Bank (00011.HK), Chong Hing Bank and Fubon Bank (Hong Kong).
Pang said the loan facility is a reflection of banks’ confidence in Chun Wo’s new direction.
Xu Jianhua, another co-chairman, said the group will retain its focus on Hong Kong where a significant portion of the business comprises construction-related ventures.
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