BLADES chairman Kevin McCabe has joined the board of a new Chinese property company which aims to raise more than £3 billion by floating on the Hong Kong Stock Exchange next year.
The new company, Top Spring International Holdings, pulls together the property interests of the Chinese Top Spring Group and Scarborough Holdings, part of Mr McCabe's Scarborough Group.
"Top Spring International Holdings has a portfolio of compl
eted and ongoing projects in Hangzhou, Changzhou, Baoshan, Chengdu, Guangzhou together with a series of transactions in Shenzhen," said Mr McCabe.
"The company's projects comprise primarily mixed use developments, including shopping malls, hotels, offices and residential apartments.
"Top Spring will also own a controlling stake in Rainbow Department Stores, a company that is scheduled to float on the Shenzhen Stock Exchange later this year at a value of around 8 billion Renminbi (£585,000).
"Scarborough Holdings will maintain its own portfolio of properties in China and Hong Kong and will be working with sister company, Chengdu Blades FC, to further expand leisure related projects, including hotels, and a sporting academy in this major city, which was recently affected by China's worst ever earthquake."
Sheffield United plans to send representatives to Chengdu in late June to help Chengdu Blades, whose management, players and staff have been helping families and children affected by the earthquake.
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