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Shinkong Synthetic Fibers Unit, Heng Mei to Develop Residential Project

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Shinkong Synthetic Fibers (TPE:1409) unit Qi Teng Construction signed a joint construction and separate sale agreement with Heng Mei Construction to develop a residential project in New Taipei, Taiwan.

Under the agreement, Qi Teng Construction will contribute land valued at about NT$380 million, while Heng Mei Construction will fund the development, according to a Tuesday Taiwan Exchange filing.

Qi Teng Construction expects to generate about NT$460.2 million in revenue from the project, it said.

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