Singapore's Allgreen Properties to invest $267 million in China property development

Singapore property developer Allgreen Properties will invest about RMB1.83 billion ($267 million) in a hotel and residential development in Tangshin City in China's Hebei province.

Allgreen has a 25% share in the RMB7.3-billion project that will be developed with joint venture partners Kerry Properties, Shangri-La Asia and Kuok Brothers.

The site for the development was bought for RMB1.71 billion.

Kerry Properties will have a 40% share in the investment while Shangri-La Asia and Kuok Brothers will have 20% and 15%, respectively.

Allgreen intends to fund its share of the investment partly by debt.