PETALING JAYA: Parkson Holdings Bhd’s Hong Kong entity, Parkson Retail Group Ltd has entered into a joint venture cooperation agreement for the future development and construction of properties in China’s Zhejiang Province with Hongxiang Holding Group Co Ltd.
In its Bursa filing, the group revealed that the joint venture is entered by Parkson Retail Group’s indirect wholly-owned subsidiary Shanghai Shengrui Commercial Management Co Ltd with Hongxiang’s wholly-owned subsidiary, Hongxiang Real Estate Co Ltd to jointly locate suitable land resources within Jiaxing City, Zhejiang Province.
It pointed out that the joint venture formation does not have a material impact on the earnings of Parkson for the financial year ending June 30, 2021 and the net assets of the group based on the audited consolidated statement of financial position of the company as at June 30, 2020.
