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Accelerates Development of Projects in Nanjing and South Africa
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HONG KONG, June 10, 2014 - (ACN Newswire) - Shanghai Zendai Property Limited ("Shanghai Zendai"/ "the Group") (stock code: 755), a major integrated property developer from the PRC, held its 2014 Annual General Meeting today. All of the proposed agenda items were approved by the stockholders. At the same time, the Group announced the development plan and progress of its major projects in South Africa and Nanjing.
 | | Shanghai Zendai Held 2014 Annual General Meeting |
Recently, Shanghai Zendai has signed an agreement with AECI Limited ("AECI"), a listed company in South Africa, to acquire a property development project comprising several parcels of land and buildings covering totally approximately 1,600 hectares in Modderfontein, Johannesburg, South Africa for a total consideration of ZAR 1,060.98 million (equivalent to approximately HK$838.17 million). The project includes development of a complex with residential, commercial, light industry and retail facilities, which will help the Group to further realise its overseas expansion objectives.
The Group's Johannesburg property project in South Africa has progressed according to schedule with construction commencing in April this year. Initial planning is expected to be completed within this year with preliminary construction works on the land and some substantial property construction in the next year. The Johannesburg property project is at a prime location in Modderfontein, between the Sandton district of Johannesburg and the OR Tambo International Airport. It is planned as one of the Group's major strategic projects in the future.
Mr. Dai Zhikang, Chairman of Shanghai Zendai, said,"As the Group becomes more international with a comprehensive portfolio, we are targeting the opportunities in the South Africa market. Johannesburg has a sound infrastructure and the local economy is developing fast, so this property project has particularly strong potential. To ensure the smooth progress and outstanding efficiency of the project, the Group has retained the original management team for development and project management in order to further reduce operational, management and market risks and generate satisfactory returns for the Group."
As for projects in Mainland China, the Group regards Nanjing as a key development area with the aim to expand business coverage. Branded as part of its famous quality project series, the Nanjing "Thumb Plaza" and the Nanjing "Himalayas Center" will start construction and will be launched for sales. Both projects were promoted at the world-renowned La Biennale di Venezia in June and attracted considerable attention. The "Himalayas Community" targeting young adults and white collar workers in the city is under construction as planned and will be ready for pre-sale in the second half of 2014.
Mr. Dai concluded, "Looking ahead, we will continue to promote our projects in China and further expand the development of "Thumb-branded" commercial complexes, as well as strengthen our brand building activities while we continue to launch [quality] projects. As for the overseas market, we will leverage our brand advantage and successful experience in China as we evaluate suitable investment opportunities in line with the Group's existing resources and capability. This will help us to build a diverse investment portfolio and generate a strong and stable income stream."
Contact:
Strategic Financial Relations Limited
Heidi So/ Angela Ng / Miranda Xie
Tel : 2864 4826 / 2864 4855/ 2864 4862
Email : heidi.so@sprg.com.hk / angela.ng@sprg.com.hk / miranda.xie@sprg.com.hk
Topic: Press release summary
Source: Shanghai Zendai Property Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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