ORIX Announces Signing of Joint Venture Agreement in Hanoi, Vietnam; Promotion of an Integrated Real Estate Development Project.Tokyo, Japan, Feb 5, 2007 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - ORIX Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 8591; NYSE NYSE See: New York Stock Exchange : IX), a leading integrated financial services group, announced today the establishment of a fifty-fifty joint venture (ORIX-UOL Investments Pte Ltd, herein referred to as "OUI (Organizational Unique Identifier) The part of the MAC address that identifies the vendor of the network adapter. The OUI is the first three bytes of the six-byte field and is administered by the IEEE. See MAC layer. ") in Singapore on February 2, 2007, with UOL UOL Universo Online (Brazilian internet provider) UoL University of London UOL Ultima on Line (multiplayer role-playing game) UOL Unit of Learning UOL Upper Operating Limit UOL Underwater Object Locator Overseas Development Pte Ltd (headquarters: Singapore; president: Gwee Lian Kheng), a wholly-owned subsidiary of the UOL Group Limited (headquarters: Singapore; president: Gwee Lian Kheng). OUI also concluded an agreement on February 5, 2007 with Vigracera (company name: Vietnam Building Glass and Ceramic Construction Corporation; headquarters: Hanoi; president: Ms. Nguyen Ha), a Vietnamese state-owned company, to establish a joint venture (company name: VOU VOU Voucher VOU Visus Oculi Utriusque (Latin: Vision - Both Eyes) VOU Valid, Opened and Unfilled Investment Limited, herein referred to as "VOU" in Vietnam. OUI will invest 75% and Vigracera will invest 25% in the joint venture. VOU will launch integrated real estate development operations in Hanoi once the company receives an investment authorization from the Vietnamese government. ORIX's investment in VOU, to be made through OUI, is estimated to be US$22.5 million. Details of the development are shown below. Outline of development
Location: adjacent to Hanoi National Convention Centre
Land area: 35,494 m2
Project proposal: 1. An integrated development consisting of one
30-story office building, one 350-room hotel,
and a 4-story commercial facility
2. Six 30-story residential condominiums,
accommodating approximately 1,000 units
Buoyed by a strong economy and WTO See World Trade Organization. participation in January 2007, as well as the subsequent development of an investment-related legal structure, Vietnam has seen an influx of foreign capital into its various sectors. With an active real estate market at hand, this project is expected to boost the expansion of Hanoi's new subcenter sub·cen·ter n. A secondary center, especially a commercial or shopping area located away from the main business sector of a city. sub·cen . About ORIX Corporation ORIX Corporation (TSE: 8591; NYSE: IX) is an integrated financial services group based in Tokyo, Japan, providing innovative value-added products and services to both corporate and retail customers. With operations in 24 countries and regions worldwide, ORIX's activities include leasing, corporate and consumer finance, real estate-related finance and development, life insurance, and investment banking. For more details, please visit our web site at: www.orix.co.jp/grp/index_e.htm Source: ORIX Corporation Contact: ORIX Corporation Corporate Communications Raymond Spencer or Yui Takamatsu Tel: +81-3-5419-5042 Fax: +81-3-5419-5901 E-mail: orixir@orix.co.jp URL: www.orix.co.jp/index_e.htm Copyright [c] 2007 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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