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| With a Consideration of RMB150,000,000; To Further Develop the Property Market in the PRC |
HONG KONG, Apr 26, 2011 - (ACN Newswire) - China Mandarin Holdings Limited ("China Mandarin"/ "the Group") (HKSE Code: 00009.HK) is pleased to announce that its wholly-owned subsidiary, Hunan Jiuhua International City Development Construction Company Limited entered into a Letter of Intent with Xiangtan City Land Resources Bureau on 25 April 2011 to acquire a piece of land with site area of approximately 333,000 square meters (500 mu) in Jiuhua Economic Zone, Xiangtan, Hunan Province, the PRC with a consideration of approximately RMB150,000,000 for the development and construction of "Oriental Venice" phase II.
Located at west of Binjiang Road and north of Guihua Road, the newly-acquired land is initially planned to build low-medium density residential, low-rise flats and villas for sale. The estimated capital outlay of the project amounted to RMB1,200,000,000 and is expected to commence construction in the first quarter of 2012 and pre-sell by the fourth quarter of 2012.
Prior to the signing of this agreement, the Group had acquired another piece of land with an area of approximately 333,000 square meters (500 mu) in Xiangtan City, Hunan Province in November last year with a consideration of HK$700,000,000 for developing "Oriental Venice" phase I. As scheduled, phase I will commence construction in the third quarter of this year and is planned to pre-sell in the first quarter of 2012.
Xiangtan City is located near Chang-Zhu-Tan City Cluster and enjoys a convenient transportation system. The Changsha-Xiangtan Highway connects the city with Changsha, Zhuzhou and other cities in Hunan. State Highway 107 (Beijing to Shenzhen) and State Highway 320 (Shanghai to Kunming) also run through the city. The Changsha Huanghua Airport, 60km from Xiangtan's downtown area, offers regular flights to 50 cities such as Beijing, Shanghai and Guangzhou.
In addition, the PRC government is determined to improve the infrastructure in Chang-Zhu-Tan City Cluster and build it into an important engine to drive the economic development in Hunan. The development plan has been supported by the PRC government. Therefore, the project will greatly benefit from the continuing development of Chang-Zhu-Tan City Cluster and Jiuhua Economic Zone in the foreseeable future. Since the market demand for high-end residential buildings is expected to surge in the years to come, the Group is optimistic about the prospect of the PRC's property industry and will continue to explore investment opportunities.
Contact:
JOVIAN Financial Communications Ltd
Angel Y Y Yeung
Tel: +852 2581 0168
Fax: +852 2854 2012
Email:angel@joviancomm.com
Topic: Press release summary
Source: China Mandarin Holdings Limited
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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