Investment For China-Asean SME Trade Centre In Changshu To Hit 650-800 Million Renmimbi

KUALA LUMPUR, April 23 (Bernama) -- Investment for the China-Asean SME Trade Centre (CASMETC) in Changshu, Jiangsu Province, China is estimated to reach between 650 to 800 million renminbi (US$103.05 to US$126.84 million) when the project is completed within the next three years. Executive director of Low Yat Group, Low Gee Teong, said CASMETC is an intiative by the Group, a property conglomerate in Asia Pacific, and the government of Changshu with the aim of establishing a Free Trade Area for Asean small-and-medium entreprises (SMEs) to venture into the China market. "The first phase of the project, spanning 31,293 sq m and valued at 300 million yuan, was completed last year. "It comprises seven blocks with 213 units of commercial retail and office space built on a gross floor area of 38,341 sq m with ample parking spaces," he said after the launch of the CASMETC roadshow Monday. According to Low, the first phase of the project has achieved 40 per cent occupancy including by seven Malaysian companies from the palm oil products, batik and coffee sectors. "The second and third phases with a total floor area of 92,500 sq m planned for commercial and Small Office Home Office(SOHO) purposes will commence over the next few years," Low said. He said further roadshows will be conducted in Indonesia and Thailand. The centre, according to Low, will serve as a one-stop referal centre providing all Asean companies especially SMEs all the facilities and support they will need to explore business opportunities in the China market. Low Yat Group, Low said, has completed a commercial centre in Changshu and is in the process of transforming this centre into CASMETC. This commercial centre, he added, has more than 200 shop lots and is expected to commence operations in June this year. CASMETC director J. Jegathesan said the centre provides tax incentives for investors. "In response to the China-Asean Free Trade Area (CAFTA) established in January 2010 with zero tariff provided for more than 90 per cent of the products traded between China and Asean, Low Yat Group is working with the local government authorities for the setting up of the centre in Changshu," Jegathesan said in his presentation on the centre. (US$1=RM6.30) -- BERNAMA