Normanton Park was sold en bloc in 2017 to Chinese developer Kingsford Huray Development for $830.1 million. The main contractor for the site is MCC Singapore, a subsidiary of a China state-owned enterprise. ST PHOTO: NG SOR LUAN
In Chinatown, a 15-minute drive away, local Chinese eateries and stores have been edged out by Sichuan mala restaurants. At MRT stations and bus terminals in the heartland, Old Chang Kee curry puffs now compete with shaobing, the ubiquitous snack in China. But China’s importance as an investor in Singapore has soared, as it surpassed countries such as Malaysia and Germany . It rose from the 27th largest investor in Singapore in 2005 to 11th last year, a jump of 16 spots that is higher than for any other investor country.From 2005 to date, China has invested US$47.7 billion in Indonesia, US$44.4 billion in Malaysia, US$29 billion in India and US$9.
According to data from China’s National Bureau of Statistics, its gross domestic product grew 6 per cent year on year in the third quarter of this year. That accelerated decline in growth in the last quarter was also China’s lowest quarterly economic expansion since record-keeping began 27 years ago, in 1992.
Flush with cash but faced with limited opportunities in China, large investors have been looking over the past two to three years to grow their capital in areas with potential for growth, such as South-east Asia. Alibaba Group, for example, has invested US$4 billion to date in Singapore-based e-commerce company Lazada.
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