Total Site Area of 15,486 sq.m. for Development of 423 Residential Units
HONG KONG, Dec. 14 /Xinhua-PRNewswire/ -- Greentown China Holdings
Limited ("Greentown") (or "the Company", together with its subsidiaries,
collectively as "the Group"; stock code: 3900) is pleased announce the
acquisition of a plot of residential site in Tiancheng area in Jianggan
District of Hangzhou Province, through a 94%-owned subsidiary. Total site
area of this plot of land is approximately 15,486 sq.m with permitted GFA of
approximately 53,736 sq.m. Total consideration amounted to approximately
RMB 175,760,000.
The plot of land acquired, located at Nongkouyi Road towards the north
of Tiancheng Road Entertainment Street, is adjacent to the Nongkou Station
of the Hangzhou Underground Railway. This area is expected to become a
large-scale residential area as renovation of villages in the city is
underway. Given the relatively small scale that makes this plot of land a
perfect quick start, the Group plans to commence construction in the second
half of 2007 with 423 residential premises available upon completion.
Mr. Shou Bainian, Executive Vice-Chairman & Chief Executive Officer of
Greentown, said, "We are pleased with the successful acquisition of this
plot of residential site. With regard to the strategy related to our land
bank development, in addition to acquiring large-scale land sites that are
suitable for long-term development, the Group will also acquire sites that
are ready for smaller scale projects to develop quickly, like the one we
acquired today. This will relieve the Group from funding pressure due to
the acquisitions of large-sized sites and also shorten the cash cycle.
Looking ahead, the Group will continue to increase our land bank across the
whole nation through different channels and enhance our efforts in marketing
our renowned brand, aiming to improve our leadership in the market."
About Greentown China Holdings Limited
Greentown China Holdings Limited is one of the leading property
developers in China. The Group primarily develops quality residential
properties targeting middle to high income residents in China. While the
Group has historically focused its property development operations in
Hangzhou and other cities within Zhejiang Province, it has over the years
become a national player in the residential property markets with
significant operations in Shanghai, Beijing and other strategically selected
cities across the country, including Hefei in Anhui Province, Changsha in
Hunan Province and Urumqi in Xinjing Uygur Autonomous Region. In 2004 and
2005, our "Greentown" brand was ranked one of the 10 most valuable property
brands in China by Top 10 China Real Estate Research Group.
For more information, please contact:
iPR Ogilvy LTD.
Kylie Yeung / Charis Yau / Harriet Lau / Natalie Tam
Tel: +852-9489-6845 / +852-9273-0293 / +852-9199-2965 /
+852-9306-7346
Fax: +852-3170-6606
Email: kylie.yeung@iprogilvy.com
charis.yau@iprogilvy.com
harriet.lau@iprogilvy.com
natalie.tam@iprogilvy.com
