omniture

Emperor International Kicks Off Partnership with New World Development to Develop Residential Project in Hong Kong

Strengthens the Group's Focus on Property Development

HONG KONG, Nov. 19 /Xinhua-PRNewswire/ -- Emperor International Holdings

Limited ("the Group" / "EIH") (HKEx stock code: 163; ADR Symbol: EPRRY)

announced that the Group has reached an agreement with New World Development

Company Limited ("New World Development") (HKEx stock code: 17) to jointly

develop a commercial and residential complex in North Point, Hong Kong. EIH

will hold approximately 75% of the project, with remaining stake to be held

by New World Development.

This project marked the first joint property development project between

the Group and New World Development following subscription of a 4.67% stake

of the Group's issued share capital in October 2006 by Dato' Dr. Cheng Yu

Tung, Chairman of New World Development.

Mr Donald Cheung, the Group's Director of Property Department,

commented, "We are excited to partner New World Development in capturing

valuable opportunities in the property development market. New World

Development is one of the leading property developers in Hong Kong, holding

vast experience and a solid foundation in the industry.

"Our co-operation not only strengthens EIH's presence in the property

market but also helps us to develop our new focus in high-yield residential

redevelopment projects." said Mr Cheung.

The site is located at 96-102 Java Road, North Point, approximately 50

meters from the entrance to the North Point MTR station. With an area of

4,555 square feet, the site is to be re-developed into a residential block

with a floor of commercial space on the podium. The complex has a total

planned gross floor area of approximately 37,400 square feet.

The total land cost of EIH is merely approximately HK$84 million. The

site currently comprises old blocks which are scheduled to be demolished in

2007. The redevelopment is expected to be completed by 2009.

There is an overall shortage of land especially on Hong Kong Island and

the supply of new flats to the market is limited - only approximately 2,000

units annually. EIH is excited to have secured the land at such a low cost

and is confident that the partnership will deliver a win-win result.

Mr Cheung added: "EIH is committed to offering unique, top-notch

residential and commercial spaces complemented by a full range of first-

class amenities. While the property project in North Point is the first

project between the Group and New World Development, we certainly look

forward to more co-operation opportunities in the future."

The development followed the Group's discontinuance of non-core

businesses earlier this year and its commitment to directing its resources

toward property development and investment where there are possibilities for

achieving higher margins and greater growth.

Ms Vanessa Fan, the Group's managing director, concluded: "The

cooperation with New World Development marks a major milestone for our

business. We believe that the new property project will allow us to expand

and strengthen our property development portfolio while generating lucrative

returns for the Group and our shareholders."

About Emperor International Holdings Limited

Emperor International Holdings Limited is an investment holding company,

which is principally engaged in property development and investment

business. It also engages in hotel and financial and brokerage services

operations.

For Enquiries:

Emperor International Holdings Limited

Sidney Luk

Tel: +852-2835-6715

Email: sidneyluk@emperor.com.hk

Website: www.emp163.com

Source: Emperor International Holdings Limited
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