Scarborough Group reshapes its far eastern interests

Scarborough Holdings Ltd has reshaped its far eastern interests after taking a significant stake within one of China’s most active property development companies.

The Hong Kong based subsidiary of Scarborough Group has converted its interest in Scarborough International Limited, for a significant stake in the newly formed Top Spring International Holdings Ltd.

Scarborough Group’s founder, Kevin McCabe, now joins the board of Top Spring International Holdings, which has a portfolio of developments pooled from both parent companies – Top Spring Group and Scarborough Holdings Ltd - making it a key player in China’s growing tiger economy.

McCabe’s first task will be to lead the corporate team as they seek an Initial Public Offering of shares, likely to be on the Hong Kong Exchange in 2009. It is estimated that the group will see returns of more than £3bn from the flotation.

He said: “The emerging Top Spring International Holdings has a portfolio of completed and ongoing projects in Hangzhou, Changzhou, Baoshan, Chengdu, Guangzhou together with a series of transactions in Shenzhen.

“The company’s projects comprise primarily of mixed use developments including shopping malls, hotels, offices and residential apartments.

“Top Spring will also own a controlling stake in Rainbow Department Stores, a company that is scheduled to float on the Shenzhen Stock Exchange later this year at a value of c.RMB 8bn.”

Scarborough Holdings retains its interests in Forsyth – sister organisation and serviced office provider – which is now expanding from its current venues in Hong Kong and Shenzhen to those areas where Top Spring is developing commercial centres and has a strong presence.

Kevin added: “Scarborough Holdings will maintain its own portfolio of properties in China and Hong Kong and will be working with sister company, Chengdu Blades FC, to further expand leisure related projects, including hotels, and a sporting academy in this major city, which was recently affected by China’s worst ever earthquake.”

In support of their commitment to China its people, the management, players and staff of Chengdu Blades FC, a subsidiary of Championship football club Sheffield United, have worked tirelessly to aid and comfort families and children affected by the earthquake.

This includes donating blood and visiting many schools which have been devastated. Sheffield United will be sending a contingent of representatives to Chengdu in late June in an effort to aid the club.