Chiwayland makes steady debut on SGX after reverse takeover of RH Energy

SINGAPORE - Chinese property developer Chiwayland International made its debut on the Singapore Exchange (SGX) on Wednesday.

Following a reverse takeover of RH Energy for a price tag of $399 million, Chiwayland is the first S-chip in about two years to list here.

Its shares opened at 53.5 cents, hitting a high of 57.5 cents and a low of 49.5 cents. It was last done at 50.5 cents at 11.01am.

The Straits Times Index was down 10 points at 3,317.

SGX head of listings Lawrence Wong said in a statement: "We are pleased that Chiwayland International has chosen to list on SGX and look forward to support them as they leverage on our platform to grow their business."

Chiwayland chief executive Kevin Qian said: "Chiwayland offers an opportunity for investors to be exposed to China's property sector.

"Chiwayland will continue to focus on utilizing our capabilities and experience in township planning, design, and integration of education and lifestyle elements into our property developments to create vibrancy in cities."

The company's portfolio of property developments comprises residential and commercial properties, office buildings, education hubs, and fixed price housing spanning the heart of the Yangtze river delta region.

The area includes places like Shanghai, Suzhou, Wuxi, Zhangjiagang and Xuancheng.

To date, it has completed nine property developments with an aggregate sold and pre-sold gross floor area exceeding two million square metres.

It also said it has a strong track record in developing educational institutions and education zones.