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| Transforming Into the Listed Commercial Property Platform of COFCO Group |
HONG KONG, Dec 20, 2013 - (ACN Newswire) - Hong Kong Parkview Group Limited ("Hong Kong Parkview" or "the Company", SEHK: 207) today announced that COFCO Group has completed its HK$14.2 billion injection of the commercial property portfolio comprising a total of 11 property projects in six key cities in mainland China and Hong Kong into the Company.
In order to better align with the COFCO brand and the new business strategy, Hong Kong Parkview will change its name to COFCO Land Holdings Limited ("COFCO Land Holdings") subsequently and becomes the overseas listed platform, with a focus on developing, operating, selling, leasing and managing mixed-use complexes and commercial properties.
Having obtained the shareholders' approvals on 18 December and having completed the transaction, the Company also completed an approximately HK$3.91 billion share placement to professional and institutional investors, which enabled the Company to maintain the minimum public float of 25% required by the stock exchange of Hong Kong and to raise capital to fund existing and future property development.
Mr. ZHOU Zheng, Chairman and Executive Director of COFCO Land Holdings Limited said, "It is a major milestone for COFCO Land to be listed on the Stock Exchange of Hong Kong, which fully demonstrates the market recognition of both the "COFCO" brand and the tremendous growth potential of our businesses. Through the new platform, we strive to reinforce our leadership in commercial property market by extending our reach to more tier-1 and tier-2 cities, while continuously enhancing our product quality and branding. We believe that our efforts today will bring us more brilliant successes and generate favourable returns for our shareholders in the future."
The assets injected into the Company include two mixed-use complex projects in Chengdu and Beijing, two commercial property projects in Hong Kong and Shanghai, four hotel projects in Beijing, Nanchang and Suzhou, one integrated tourist project in Sanya, and two minority-held projects in Shanghai and Chengdu.
Noteworthy among the Company's mixed-use complex projects is Chengdu Joy City, with construction expected to be completed in the third quarter of 2015, and Beijing COFCO Plaza. Chengdu Joy City offers an attractive mix of a shopping mall and an office tower coupled with bars, restaurants and entertainment facilities, while Beijing COFCO Plaza integrates two office buildings with a shopping mall and is located at the heart of Beijing facing Chang An Avenue and near the entrances of subway stations. Their excellent location and appealing design are attractive to high quality tenants, including multi-national financial institutions and well-known brands.
The two commercial projects - namely Top Glory Tower in Hong Kong, as well as Ocean One and Fraser Suites Top Glory Shanghai - are located in commercially vibrant areas. Based in the Pudong New Area of Shanghai, Ocean One and Fraser Suites Top Glory Shanghai consists of two residential apartment buildings for sale and three blocks of serviced apartments for leasing - with residential apartments and serviced apartments offering views of the spectacular Huangpu River scenery.
In addition, the Company has four quality hotels on hand: the Gloria Grand Hotel Nanchang, Gloria Plaza Hotel Suzhou, Waldorf Astoria Beijing and W Beijing - Chang'an. These hotels are located close to some of the most popular and easily accessible commercial areas within their respective cities.
Fully complementing its property portfolio is the integrated tourist project in Sanya, which includes three resort hotels. In addition to the St. Regis Sanya Yalong Bay Resort, MGM Grand Sanya and Cactus Resort Sanya by Gloria, the projects also feature two high-end commercial apartments, the Signature and Princess Palace III, an exhibition centre complex project, a yacht club and a recreation park.
To drive its future growth, the Company has been granted the call options to acquire six mixed-use complexes under the "Joy City" brand over the few years. These mixed-use complexes include Shanghai Joy City, Tianjin Joy City, Beijing Chaoyang Joy City, Beijing Xidan Joy City, Yantai Joy City and Shenyang Joy City from COFCO Corporation.
Looking ahead, the Company aims to leverage its relationship with COFCO Group, and to continue to create value by developing, operating, leasing and managing mixed-use complexes in mainland China under the flagship brand of "Joy City" as well as other high quality property developments. "Joy City" is positioned as a brand representing stylish and fashionable shopping malls targeted at the middle class younger generation together with other components including offices, hotels and serviced apartments. Building on its past success in securing high quality projects, the Company plans to continue to acquire land in prime locations within first- and second-tier cities.
Mr. ZHOU said, "Continuous economic growth and the booming commercial property industry in China have created immense opportunities for the Company. The strong brand reputation of COFCO and its unique project portfolio has fuelled our expansion. We believe the asset injection and a listing in Hong Kong opens a new chapter towards establishing a strong basis for a rapid, yet stable development of the Company."
Contact:
Strategic Financial Relations (China) Limited
Ms. Anita Cheung Tel: (852) 2864 4827 Email : anita.cheung@sprg.com.hk
Ms. Nan Dong Tel: (852) 2864 4811 Email : nan.dong@sprg.com.hk
Ms. Ada Leung Tel: (852) 2114 4967 Email : ada.leung@sprg.com.hk
Mr. Jackie Cheung Tel: (852) 2114 4908 Email : jackie.cheung@sprg.com.hk
Topic: Press release summary
Source: COFCO Land Holdings Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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