Wilmar International, together with Shangri-La Asia and Kerry Properties will submit a joint bid to acquire six land sites in China that could spur a total investment of 7.5 billion yuan (S$1.4 billion).
The company said it will hold a 35 percent stake in the JV, or about 2.63 billion yuan, while Shangri-La will take up 25 percent and Kerry will have the remaining 40 percent.
Wilmar will finance the project through internal sources and bank borrowings, and does not expect the investment to have an immediate impact on its financial standing.
The six land parcels, which are located in Yingkou city, have a total gross site area of approximately 6.1 million sq ft. They are proposed for residential and commercial developments with land use rights of 70 years and 40 years, respectively.
The new joint bid comes after a successful tie-up bid to acquire three land parcels in Liaoning province for 240 million yuan earlier this month, with an aim to invest up to 2.57 billion yuan for the entire project.