Effort Spent Investing in China Recognised
CapitaLand conferred Business China Enterprise Award for 18 years of contribution to bilateral relations with China
Issue: Dec 2012
Mr Liew Mun Leong, President and CEO of CapitaLand Group and Mr Lim Ming Yan, Chief Operating Officer of CapitaLand Limited receiving the Business China Enterprise Award from former Minister Mentor, Mr Lee Kuan Yew; Mr Lee is also the patron of Business China
When CapitaLand made its foray into China, it was one of the first few to recognise the country’s immense potential. 18 years on, the international property giant’s contribution to Sino-Singapore relations has been acknowledged. It received the Business China Enterprise Award 2012 by non-profit organisation Business China at a Gala Dinner at Resorts World Sentosa on 28 November 2012. Gracing the event were former Minister Mentor, Mr Lee Kuan Yew; Minister, Prime Minister's Office, Mr Lim Swee Say; Minister for Health, Mr Gan Kim Yong; Minister for National Development, Mr Khaw Boon Wan; and Chinese Ambassador to Singapore, His Excellency Mr Wei Wei. Business China was jointly established in November 2007 by Mr Lee Kuan Yew and Chinese Premier Wen Jiabao.
The award, started in 2010, honours outstanding organisations for their successes and contributions to Singapore-China relations as well as for strengthening bilingualism and biculturalism in Singapore. Nominees for the Enterprise category in the Awards were assessed in four key areas: financial performance; contribution to Singapore-China relations; innovation; and company or organisation management.
CapitaLand staff celebrating their win at a gala dinner for the Business China Awards 2012
“It is a privilege and honour that CapitaLand receives this year’s Business China Enterprise Award. Since entering China in 1994, we have been closely linked to China’s urbanisation and are a part of its city-making process. Through our business partnerships with local developers and municipal governments, we have promoted greater understanding between Singapore and China, and brought the two countries closer,” said Mr Liew Mun Leong, President and CEO of CapitaLand Group.
“In the last 18 years, CapitaLand has been deeply rooting itself in the vast Chinese market, integrating international concepts with local practices. Through years of perseverance and effort, China has grown to become the largest overseas market for CapitaLand. We have benefitted greatly from the rapid economic growth of China, the pro-business environment as well as the strong bilateral ties between Singapore and China. As a Singapore enterprise in China, we are very pleased to leverage our domain knowledge in real estate to further strengthen Singapore-China exchange and contribute towards China’s urbanisation and its development of the real estate industry,” added Mr Lim Ming Yan, Chief Operating Officer of CapitaLand Limited.
Spending Effort on Business in China
Raffles City Shanghai
CapitaLand’s China is the umbrella brand encompassing CapitaLand Group’s businesses in China. Spanning over 120 projects in 42 Chinese cities and supported by more than 6,000 employees, it encompasses CapitaLand China Holdings; CapitaMalls Asia (China); Ascott China; CapitaValue Homes (China); and related real estate financial services. This represents a full spectrum of products and services across a unique real estate value chain with competencies in real estate investment, development, asset management, property management, financial advisory and fund management. Over the years, CapitaLand China has become the leading foreign real estate developer; mall developer, owner and manager; the largest international serviced residence owner-operator; as well as the leading real estate fund and REIT manager in the country.
“China is a core market for us. In fact, it is our largest overseas market, accounting for 38 per cent of the Group’s total assets. To date, CapitaLand owns over 120 projects across 40 cities in China, with assets totaling S$13 billion in China, as at end September 2012. Now one of the largest foreign real estate developers in China, CapitaLand remains confident of her continued growth,” said Mr Liew.
Raffles City Chongqing in China
CapitaLand China continues to expand its reach within China. In January, together with CapitaMalls Asia and Singbridge Holdings, it sealed a deal with the Chongqing government to invest RMB 21.1 billion (S$4.2 billion) in the city’s biggest development project in a decade. The investment is the largest single investment made by any Singapore firm in China. Designed by renowned architect Moshe Safdie, Raffles City Chongqing will comprise a shopping mall and eight towers for residential, office, serviced residence and hotel use, with total floor area of about one million square metres. Besides Raffles City Chongqing, CapitaLand China has seven other Raffles Cities. In total, the Raffles Cities will be worth S$12 billion when completed.
Spending Effort on China’s Community
Staff Volunteers with the children at CapitaLand Longdong Hope School in Sichuan, one of the 23 Hope schools in China
The Group’s initiatives in China extend towards community development as well. In November 2011, CapitaLand Hope Foundation (China) was set up. It works with CapitaLand’s philanthropic arm in Singapore, CapitaLand Hope Foundation (CHF), to organise programmes to support the shelter, education and healthcare needs of underprivileged children in China.
“In line with our credo of ‘Building People’ and guided by our core values of ‘People’ and ‘Community’, CapitaLand is committed to contributing to the Chinese society by enhancing urban living with quality real estate offerings, and through our philanthropic efforts towards underprivileged children and giant panda conservation,” said Mr Liew.
To promote an understanding of the cultures between Singapore and the overseas communities it invests in, CapitaLand became the Presenting Sponsor and Conservation Donor of the Giant Panda Collaborative Programme in September 2012. CapitaLand joined Wildlife Reserves Singapore (WRS) to welcome giant pandas Kai Kai and Jia Jia to Singapore in a 10-year programme that symbolises the close relationship between Singapore and China.
Investing in China has expanded CapitaLand’s portfolio and helped relations between the two nations. To have its nearly two-decade-long efforts recognised is an further encouragement for its commitment to the country and its communities.