GSH Corporation says it will no longer be working with Fujian Jinnan Construction Group to develop a land parcel in Malaysia.

 

On Oct 8, GSH' s subsidiary GSH Properties entered into a non-binding framework cooperation agreement with Fujian Jinnan to jointly develop a land parcel located in the Chinatown area in Kuala Lumpur. The project involves constructing and developing serviced suites for sale.

 

GSH and Fujian Jinnan had agreed to a 50 business day exclusivity period starting from the date of the agreement. The agreement was terminated automatically since both companies did not enter into any definitive agreements within the 50 days. GSH says in a bourse filing on Dec 23 that it will proceed with its development plans for the project.

 

Goi Seng Hui, the chairman of GSH Corporation BDX , has acquired 126,000 shares for $19,279.26, or 15.3 cents apiece. 

 

Following the transaction, Goi has a total of 1,254,899,908 shares, or 63.66% of the total number of ordinary shares held. 

 

GSH Corporation reported a loss of $8.3 million in 1HFY2024 ended June 30, up 36% y-o-y from a loss of $13.0 million in 1HFY2023. 

 

Meanwhile, revenue for the group was up 42% y-o-y in 1HFY2024 at $65.6 million, generating an operating profit of $9.6 million.   

The development is part of the group&rsquo s first integrated hotel and residential project in China

 

GSH Corporation : BDX -3.14% has officially opened its first upper-upscale hotel in Chongqing, China.

 

The development is part of the group&rsquo s first integrated hotel and residential project in the country, said the mainboard-listed property developer in a bourse filing on Friday (Jun 28).

 

Called New World Chongqing Hotel, the 200-room development is managed by New World Tongpai Hotels Group and is located in Bishan district, about 23 kilometres from the heart of Chongqing.

 

Chongqing&rsquo s second international airport is slated to open in Bishan in 2030.

 

Kenneth Goi, chief operating officer at GSH, said: &ldquo This marks our foray into China after spending some time building our hospitality footprint with three hotels in Kota Kinabalu, Malaysia. Looking ahead, we continue to be focused on unique, strategic locations in Asian gateway cities.&rdquo