SGX-listed Tat Hong Holdings has announced a new joint venture in China. It is joining hands with Beijing ZhongJian Zhenghe Construction Machinery to enter the lucrative tower crane rental business in China.

The joint venture company, Shanghai Zheng He Tat Hong Construction Equipment Rental, will have an initial paid-up capital of 70 million renminbi. The Chinese joint venture partner will contribute 35 tower cranes worth 35 million renminbi.

Tat Hong will match this investment with four tower cranes and cash. The partners plan to increase the fleet to 100 tower cranes over the next two years through direct purchases and M&As.

Source:未知