CIFI to Deepen Collaboration with Renowned Hong Kong Real Estate Enterprise
HONG KONG, Dec. 9, 2013 /PRNewswire/ -- CIFI Holdings (Group) Co. Ltd. ("CIFI", HKEX code: 884), one of China's Top 50 Real Estate Developers, is pleased to announce that it has entered into a Cooperation Agreement with Henderson China Properties Limited ("Henderson China") to jointly develop a piece of land (the "Site"), for which CIFI had made a successful bid, located at Hongqiao core Business District, Minhang District, Shanghai and designated primarily for residential and commercial use.
CIFI succeeded in acquiring the Site in November 2013 with a bid of RMB2.144 billion. With a total site area of approximately 84,751 sq.m. and a planned GFA of approximately 167,249 sq.m., the Site is intended for residential and commercial use.
Pursuant to the Agreement, CIFI and Henderson China will respectively hold 50% equity interest in the joint venture, and will bear, on a pro-rata basis with reference to their respective shareholding in the Joint Venture, for acquisition of the Land. The aggregate capital contribution expected to be made by CIFI and Henderson China as partners of the Joint Venture is RMB2.144 billion.
Henderson China is a subsidiary of Henderson Land ("Henderson Land", HKEX code: 12). As CIFI disclosed in an announcement dated 22 July 2013, CIFI and Henderson China will respectively hold 49% and 51% equity interest in a joint venture engaged in the development of a site at Yuhang District Chong Xian New Town, Hangzhou.
Mr. Lin Zhong, Chairman and Chief Executive Officer of CIFI, said, "We are delighted that Henderson China will jointly develop the Shanghai site with us. This project marks our second collaboration, which demonstrates the real estate giant's deep faith in and recognition of CIFI's strong execution and governance abilities. In the future, we will strive to reinforce long-term cooperation with other property developers and to actively promote the business development of CIFI."
