PICO Far East Holdings Limited has set up a joint venture with Shanghai Greenland Asset Management Company called Xian Greenland PICO International Convention and Exhibition Centre Company Limited.
PICO will invest a total of RMB35 million in the new joint venture company to build and develop convention and exhibition hall facilities in Xian
PICO signed the Joint Venture Agreement with Shanghai Greenland in 2005. Shanghai Greenland is part of Shanghai Greenland Group which is ranked among the top 500 enterprises in China and top 100 in Shanghai.
Pursuant to the agreement, PICO holds a 30% share of the JV and has the right to manage the Xian Greenland PICO International Convention and Exhibition Centre, which would have a covered area of 14,000 square metres.
The new company is responsible for the construction of the Xian Greenland PICO International Convention and Exhibition Centre. It will also be in charge of the facility's management and operation upon its completion, including organizing, co-organizing and hosting local, regional, national and international exhibitions and conventions.
Xian Greenland PICO International Convention and Exhibition Centre is located at Xian Hi-tech Industrial Development Zone, the city's international business district.
Lawrence Chia, Chairman of PICO, said, "We are very pleased to form a JV with one of the top enterprises in China. This is a milestone in the Group's business development in exhibition hall management and related services. China and the rest of Asia have seen robust growth in economy and it is anticipated that exhibition activities will continue to grow. PICO will also continue to expand the portfolio of exhibition hall management and related services, in addition to its current network in Chongqing, China; Ho Chi Minh City, Vietnam; and Colombo, Sri Lanka. Capitalizing on the burgeoning opportunities in the exhibition and conference industry, the Group is committed to further developing its exhibition and event marketing services to bring significant returns to our shareholders."