Wilmar joins Shangri-la, Kerry to bid for China sites

Wilmar International (WLIL.SI), the world’s largest listed palm oil firm, said today it will submit a joint bid to buy the land use rights for six sites in China’s northern province of Liaoning.

Wilmar will partner Kerry Properties (0683.HK) and Shangri-la Asia (0069.HK), two firms linked to Malaysian billionaire Robert Kuok, in the bid.

Wilmar, controlled by a Kuok’s nephew, earlier this month bought land in Liaoning in partnership with Kerry and Shangri-la, sparking a sell-off in its shares as investors questioned why an agricultural firm was diversifying into property.