Press Release of Public Information
We signed a Memorandum of Understanding (“MoU”) with China Fortune Land Development Co., Ltd. (“CFLD”) on 28 December 2015 with the intent to jointly develop an area located in Pasar Kemis, Tangerang, Banten (“Cooperation Area”). To further implement the MoU, we, PT Alam Sutera Realty, Tbk (“ASRI”), have entered into a definitive agreement (“the Agreement”) on 22 June 2016 with the subsidiaries of CFLD.
Founded in 1998, CFLD is one of the largest property companies in China that focuses on development of industrial new cities, with projects in more than 50 regions in China and upcoming projects outside China.
To enhance the economic development and urban construction in the Cooperation Area, CFLD will use its strength in the development and operation of industrial new cities, together with ASRI as a leading Indonesian property developer, to build new townships for residential, business, commercial and industrial purposes. CFLD and ASRI will enjoy exclusive cooperation and mutual benefits arising from this j