In October 2013, the Group obtained shareholders’ approval to expand its core business to include property development business. The property division is to undertake property development activities, such as to acquire and hold property related assets and to trade in properties. The Group intends to embark on acquisition and/or development of properties in Myanmar, Malaysia and China.
During the latest financial year ended 30 June 2016 (“FY2016”), the Group acquired 99.56% of the issued and paid-up ordinary shares in the share capital of Starland Holdings Limited (“Starland Group”). Starland Group is listed on the Catalist Board of the Singapore Exchange Securities Trading Limited. It engages principally in the development of quality integrated residential and commercial properties in the People’s Republic of China (“PRC”). Starland Group had completed two property development projects in Chongqing PRC, with total GFA of 148,634 square meters.
During FY2016, the Group also successfully tendered for a piece of industrial land, with an area of 165 mu (equivalent to approximately 110,000 square metres) in Tangshan City, PRC.