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HONG KONG, Mar 31, 2011 - (ACN Newswire) - China Lerthai Commercial Real Estate Group, Chinachem Group and Carrefour (China) today signed contracts with 11 major cities in Hebei Province, during the "Hebei Investment Conference" held in Hong Kong. The parties also announced that they will launch a "Trans-Provincial Commercial and Cultural Infrastructure Investment Projects" in Hebei Province to be implemented by China Lerthai-Chinachem Commercial Real Estate Limited ("China Lerthai-Chinachem"). China Lerthai-Chinachem initially plans to invest approximately RMB20 billion in building over 30 landmark city projects in Hebei Province.
 | | China Lerthai, Chinachem Group and Carrefour (China) Invest RMB20 Billion to develop Over 30 Landmark Projects in Hebei Province |
Senior management of the three companies, including Mr. Yang Longfei, Chairman of the Board of China Lerthai Commercial Real Estate Group; Mr. David Hui Yip-wing, Executive Director and Group General Manager of Chinachem Group; and Mr. Patrice Moulin, CFO and Vice president, the PRC, of Carrefour (China), attended the "Hebei Investment Conference". The Hebei Provincial Government also showed great support for the Conference. Mr. Yang Chongyong, Deputy Governor of Heibei Province; Mr. Wang Zhi Xin, Director of Hebei Provincial Department of Commerce; and mayors and regional officers from the 11 cities in Hebei Province all attended the signing ceremony.
Mr. Yang Longfei, Chairman of the Board of China Lerthai Commercial Real Estate Group, said following the signing ceremony, "Urban development is one of the key focuses of the Twelfth Five-Year Plan. We would like to thank the Hebei Provincial Government for their support, which has allowed China Lerthai-Chinachem to take part in the development and thereby contribute to the Twelfth Five-Year Plan. The strategic partnership has brought together world-class enterprises and property developers, possessing various operating strengths, brand value and competitive advantages. We therefore have full confidence in providing a brand-new life-style experience, satisfying all the needs of Hebei citizens and at the same time capitalize on the strong spending power of the 70 million local residents. The GDP of Hebei Province exceeded RMB 2 trillion in 2010, representing an increase of 12.2% from the previous year. Seeing the enormous opportunities in Hebei Province, we are confident in the project."
China Lerthai-Chinachem plans to develop over 30 major landmark projects under three construction models, namely, Lerthai Centre, Lerthai Plaza and Lerthai Mall. It will commence three to five projects this year in the first phase of the development which comprises 12 projects to be expected to complete within three years. Currently, Chinachem Group and China Lerthai invests in building Lerthai Centre, a large integrated property project with a total gross floor area of over 620,000 square meters, located in Shijiazhuang. Meanwhile, Carrefour and China Lerthai have opened nine supermarkets in Hebei Province. All of these projects served as testimony to the close business bond shared among the three companies.
China Lerthai-Chinachem expects that upon completion of the first phase of the development, the infrastructure facilities of sports, culture, technology, medical and commerce will increase to 10 million square meters. It also believes that the three companies' strong brand recognition will attract more top-500 companies to invest in Hebei, thus boosting economic development of the province in the future.
Lerthai Centre will be situated in the central business district of major cities. Occupying over 300,000 square meters, Lerthai Centre will establish a commercial, shopping, dining, leisure, entertainment and tourist destination and become a city landmark. Lerthai Mall will be situated in urban or redeveloped districts. Encompassing 100,000 to 300,000 square meters, Lerthai Mall will be developed into a top residential, entertainment and shopping center.
Mr. Yang Longfei added, "These construction projects will directly and indirectly create around 300,000 jobs and generate over RMB17 billion in tax revenue for the Hebei Province upon commencement. These projects will play a key role in promoting economic development of urban areas of Hebei Province and improve the living standards of local people."
The projects will integrate the strengths of famous companies from China, Hong Kong and Europe. China Lerthai possesses extensive experience in developing properties in China. Hong Kong Chinachem Group is a world famous consortium with available funding of over HK$100 billion. And Carrefour is Europe's largest retailer and the world's second largest international retail chain group. The combined strengths of the three parties will generate significant synergies for the projects.
China Lerthai-Chinachem expects the strategic partnership will introduce advanced operating concepts with international insight and management models to the retail and property industries in Hebei Province, thereby setting a higher benchmark for the province and the entire property market in China. China Lerthai-Chinachem plans to extend to other provinces as well, such as Shandong and Henan, and strive to promote development of commercial, cultural and sports infrastructure.
About China Lerthai Commercial Real Estate Group
China Lerthai Commercial Real Estate Group is a strategic investment company of Chinachem Group in Mainland China. It is the second largest shareholder of Carrefour (China) in the North-western district and also a large-scale commercial property development and operation enterprise. The Group has developed Pelagic Mall in Tangshan City and city complex projects in Datang West City in Xian. Currently, a property company under the Group is constructing Lerthai Centre City Complex in the heart of Shijiazhuang City, commanding a total investment of RMB4 billion with GFA of over 620,000 square meters.
About Chinachem Group
Chinachem Group is a world famous consortium with assets of over HK$100 billion. Its primary businesses consist of property investment, information technology, entertainment, retail and financial investment. The properties developed by the Group are mainly residential properties, office buildings, shopping malls and hotels and have exceeded 300 projects so far. It enjoys a high reputation within the industry.
About Carrefour
Founded in 1959, Carrefour is Europe's largest retailer and the world's second largest international retail chain group. In 2010, its turnover amounted to US$121.45 billion and ranked the 25th among the top 500 companies in the world. The presence of its business spans 30 countries and regions around the world. It has established footprint in China since 1995 and was recognized as the "Most Localized Foreign Supermarket". Louis Vuitton, a world leading brand, is the major shareholder of Carrefour.
Please contact:
Strategic Financial Relations Limited
Heidi So
Phone: +852 2864 4826
Email: heidi.so@sprg.com.hk
Angelus Lau
Phone: +852 2864 4805
Email: angelus.lau@sprg.com.hk
Angela Ng
Phone: +852 2864 4855
Email: angela.ng@sprg.com.hk
Contact:
Strategic Financial Relations Limited
Heidi So
Phone: +852 2864 4826
Email: heidi.so@sprg.com.hk
Angelus Lau
Phone: +852 2864 4805
Email: angelus.lau@sprg.com.hk
Angela Ng
Phone: +852 2864 4855
Email: angela.ng@sprg.com.hk
Topic: Investment
Source: China Lerthai
Sectors: Real Estate & REIT
https://www.acnnewswire.com
From the Asia Corporate News Network
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