SINGAPORE, Dec 11, 2007 (Thomson Financial via COMTEX) -- | charts | news | PowerRating -- Shares of Allgreen Properties were higher Tuesday as investors welcomed the Singapore property developer's expansion in China.

Allgreen Properties said last week it will invest up to 1.4 billion Singapore dollars in residential and mixed-used development projects in Hangzhou, Chengdu, Qinhuangdao and Shenyang, with Hong Kong partner Kerry group.

The projects will boost the share of China in Allgreen's portfolio to 39 percent from 6 percent, JP Morgan said in a client note. The brokerage said the projects have a positive impact on Allgreen's valuation but the full benefits are unlikely to be priced into the stock.

"We fear that if the proposed acquisitions are completed the group would not offset the loss of its proxy status as a play on Singapore's mass- and mid-residential property sector with an improved rating for an enlarged China exposure," JP Morgan said.

Source: Trading Markets