Ascendas has inked a joint venture agreement with China’s first-rank state-owned industrial and trading enterprise, China Machinery Engineering Corporation (CMEC), for a strategic partnership in industrial/business park investments and developments across Asia.
The joint venture will see Ascendas and CMEC establishing a collaboration framework for industrial/business park investments, as the two firms jointly explore opportunities within key Asian countries under China’s One Belt One Road initiative. These include China, Vietnam, India, Malaysia and Indonesia.
Notably, the partnership will enable Ascendas to leverage CMEC’s extensive network of Chinese firms to expand its customer base for business space solutions within Asia. On the other hand, CMEC can capitalise on the expertise and regional presence of Ascendas to assist Chinese firms venturing outside China.
Moreover, the two firms will jointly explore opportunities to co-develop industrial/business parks within these markets to cater the needs of international corporations as well as Chinese firms venturing overseas.
Ascendas president & group CEO Manohar Khiatani, said: “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.”