(2007-04-04) Kuwaiti properties Kuwaiti FH and partners in China property venture
Kuwait Finance House, via its Malaysian unit, has formed a strategic partnership to establish the first sino-foreign real estate Kuwait - China joint venture in Chongqing, China.
Its partners are private Hong Kong-based real estate investment company Belanie Management Ltd and private Chinese enterprise Chongqing Risun Industry Group Co Ltd.
Representatives from the three companies signed an agreement for the partnership last Tuesday.
The alliance will allow them to leverage on one another's strengths and play an important role in the financial and economic development of Western China.
For a start, Kuwait Finance House (M) Bhd (KFH Malaysia) has entered into an Islamic funding arrangement with Belanie.
The funding is for an investment in a joint venture with Risun group, which is now developing Jahoo Hongkong City, a mixed development in Chongqing.
KFH Malaysia managing director Salman Younis said in a statement the partnership was part of the company's plan to increase its investment opportunities in the region.
Meanwhile, Salman was named winner of the Asian Banker award for Islamic Finance 2006 in Jakarta on Sunday.
Salman was recognised for “rapidly pushing Islamic finance in a country already noted as a healthy market for Islamic finance”.
His achievements for seeking a mandate to issue sukuk bonds in China and seeking to grow the Islamic banking business in Indonesia were also recognised.
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