Located in Lucheng District of Wenzhou City
Strengthen leadership position in Zhejiang Province
HONG KONG, Jan. 2 /Xinhua-PRNewswire/ -- Greentown China Holdings Limited ("Greentown") (or "the Company", together with its subsidiaries, collectively as "the Group"; stock code: 3900) is pleased to announce its acquisition of a plot of residential-commercial site in Lucheng District of Wenzhou City in 30 December, 2006. Total consideration amounted to approximately RMB 3,333,300,000.
The plot of land acquired is located near the north of the crossing of Jiangbin Road and Chezhan Avenue in Lucheng District of Wenzhou City, which is a landmark location of the city, adjacent to Ou River to the north and Chezhan Avenue to the south. It is also neighboring to the Central Business District to the east. The plot of land has a total site area of approximately 132,325 sq.m. and a permitted total GFA (overground) of approximately 410,000 sq.m. This can be used for integrated development of residential properties, offices, commercial and five stars hotels. The Group expects to commence construction in the second half of 2007. It plans to establish joint venture with independent third party to jointly develop this project. Details of the plan are under the process of discussion.
Mr. Shou Bainian, Executive Vice-Chairman & Chief Executive Officer of Greentown, said, "We are pleased with the successful acquisition of this high-quality plot of land in this important location in Wenzhou City. Wenzhou is one of the economic hubs in Zhejiang province, and is also one of the most energetic regions in China with well-developed private sector. We have been being interested in this market and confidence in its potential. We believe that we will achieve great success in this project, which will help to consolidate our leadership position in Zhejiang Province."
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, Nanjing in Jiangsu Province and Qingdao in Shandong Province. 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.
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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
