Oxley, SLB, Heeton and KSH: Delaying launch of China JV residential-property project

China yuan coins

Oxley Holdings, SLB Development, KSH Holdings and Heeton Holdings said on Friday that the launch of the residential units in their joint venture project in Gaobeidian, China, would be delayed while waiting for market sentiment to improve.

“Due to circumstances arising from the on-going trade war between the United States and the People’s Republic of China, the group and its joint venture partners for the Gaobeidian Project, based on the advice of the marketing agent, have decided to launch for sale the residential units of Phase 1 of the Gaobeidian Project after the initial expected date of November,” Oxley said in a filing to SGX after the market close on Friday.

But it added that construction has begun and is proceeding on schedule.

SLB, Heeton Holdings and KSH issued similar statements.

Oxley holds an effective 27.5 percent stake in the project, KSH Holdings has 22.5 percent and SLB has not more than 10 percent, the filings said. Heeton said it has an effective interest of 7.5 percent in the project.

All four said the delay wouldn’t have a significant impact on their earnings per share or net tangible assets per share for their current fiscal years.

Get the Shenton Wire morning briefing in your inbox