Scarborough Group International

Kevin McCabe has joined the board of one of China’s most active property development companies.
 

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

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

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.”