Sidley advised PowerChina Real Estate Group Ltd. (PCRE), a Chinese state-owned enterprise, on the formation of a joint venture with Eco World Development Group, a Malaysia-based real estate developer, for the development of Eco Business Park V, Phase 2, in Puncak Alam, Selangor, Malaysia. The project is part of the larger EBP V development and will comprise medium to large individual industrial lots for light to medium industries. The joint venture is 60% owned by PCRE and 40% by an affiliate of Eco World. PCRE’s investment is subject to the outbound investment approvals of the Chinese authorities.
PowerChina Real Estate Group Ltd. is one of the first national enterprises mainly engaged in real estate development and operation of businesses approved by the State-owned Assets Supervision and Administration Commission of the State Council.
The Sidley team was led by partner Tao Lan, with support from counsel Gloria Wang and China advisor Tim Liang.