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Mitsui & Co Ltd : Mitsui to form joint venture company with JGC and local government to promote inward investment in business park in Chongqing, China

02/01/2013 | 01:58am US/Eastern
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Mitsui to form joint venture company with JGC and local government to promote inward investment in business park in Chongqing, China

Feb. 1, 2013

Mitsui & Co., Ltd. ("Mitsui," Head Office: Tokyo, President & CEO: Masami Iijima), together with JGC Corporation ("JGC") and Chongqing Liangjiang New Area Development & Investment Group Co., Ltd. ("Liangjiang New Area Development & Investment"), a wholly state-owned company under the Chongqing Liangjiang New Area Administrative Committee, has been approved for establishing a joint venture company by Government on February 1, 2013.

The joint venture company will produce an urban development master plan for the Yulin Business Park ("the Business Park") to be developed in the Chongqing Liangjiang New Area ("Liangjiang New Area") and will also be involved in promotional activities for inward investment for the Business Park. Liangjiang New Area Development & Investment will hold a 50% stake in the joint venture company, and Mitsui and JGC will own 25% respectively.

This is the first business park in inland China in which Japanese companies have been given exclusive rights to promote inward investment by foreign companies, allowing them to select sites and participate in early stages, including developing its master plan. Through the joint venture, Mitsui will develop the master plan for the Business Park with JGC in close collaboration with Chongqing City. The aim is to go beyond conventional business parks to create an integrated urban area with town planning that will also emphasize environmental protection and energy conservation.

The Liangjiang New Area was established based on a State Council ordinance in 2010 in Chongqing, the largest city in inland China. The area has already become a growth driver for China's third state-level development area after the Shanghai Pudong New Area and the Tianjin Binhai New Area.

Located in the eastern part of the Liangjiang New Area, the Business Park will offer excellent access to major roads linking coastal and western regions in China. Infrastructure, including an airport link road, railroads and a river port, is being rapidly developed in the surrounding area. The site covers an area of 3.2 km2, of which about 65% will be used for manufacturing, about 20% for offices, research centers and other facilities, and about 15% for residential and retail facilities.

Mitsui has been pursuing industrial facility development in Asia as a key sector of its real estate business. It is involved in the development of office buildings and logistics facilities as well as asset management for REIT in Japan and Singapore. The Business Park will function as a platform for us to create businesses, including urban development, infrastructure, logistics and consumer related services in Chongqing, so that we will be able to grow together with the city. Through this project, Mitsui aims not only to strengthen its relationship with Chongqing City, but also to undertake wide-ranging initiatives that will contribute to growth in inland China.

Outlook of the Business Park

Name Yulin Business Park
Location Yulin Village, Longxing, Liangjiang New Area, Chongqing City
Site Area 3.2 km2 (Net sales area for Phase 1: 1.5 km2)
Usage (estimated) Industrial 65%, commercial 20%, residential & retail 15%
Commencement of land delivery End of 2013 (estimated)

Profile of Joint Venture Company

Name of Company Chongqing Liangjiang New Area Sanhui Consulting Co., Ltd.
Head Office Chongqing City, People's Republic of China
Establishment February 1, 2013
Representative Yuan Cheng, Chairman
Equity RMB720 million (Approx. ¥10 billion)
Shareholders Liangjiang New Area Development & Investment 50%, Mitsui 25%, JGC 25%
Main business Inward investment promotion for the Yulin Business Park, Chongqing Liangjiang New Area

Profile of Liangjiang New Area Development & Investment

Name of Company Chongqing Liangjiang New Area Development & Investment Group Co., Ltd.
Head Office Chongqing City, People's Republic of China
Establishment June 22, 2010
Representative Tang Zong Wei, Chairman
Equity RMB10.0 billion (Approx. ¥145 billion)
Shareholders Chongqing Liangjiang New Area Administrative Committee 100%
Main business Infrastructure construction, property development, investment, construction management

Map of the Yulin Business Park, Chongqing Liangjiang New Area

Chongqing LJNA Yulin Business Park Site (within the red boundary line)



Notice:
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.

For inquiries on this matter, please contact

  • Mitsui & Co., Ltd.
    Corporate Communications Division
    Noriko Okamoto
    Telephone: +81-3-3285-6645
    Facsimile: +81-3-3285-9819

The information contained in this news release is true and accurate at the time of publication; however, it may be subject to change without prior notice.

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