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