Philippine Infradev Holdings Inc., the infrastructure unit of businessman Antonio Tiu, is setting up a wholly-owned subsidiary in China.
Antonio Tiu readies fundraising for Makati subway
The new unit, which will have an initial authorized capital of $10 million, will be established in Jiangsu, China which will engage in procurement, financing, financial leasing and commercial trading.
Formerly known as IRC, Infradev has partnered with state-owned China Railway Construction Corp. (CRCC), one of the world’s largest construction and engineering companies, to build its $3.7 billion subway project in Makati.
IRC Properties to become an infra holding company
The 10-train system, spanning 11 kilometers, will connect key points in the Makati business district at no cost to the government.
