Replenishment in Commercial and Residential Land Bank as Part of its Strategic Development to Ensure Rapid Development
HONG KONG, March 13, 2013 /PRNewswire/ -- China Aoyuan Property Group Limited ("Aoyuan" or the "Company", together with its subsidiaries the "Group"; Stock Code: 3883), one of the leading property developers in the Guangdong Province of China, is pleased to announce the acquisition of two pieces of residential and commercial land in Foshan, Guangdong Province and Chongqing, respectively, at two public auctions for a consideration value of RMB727 million and RMB435 million.
The plot in Foshan, Guangdong Province is ideally located in the heart of Luo Cun, Nanhai District, which covers site area of approximately 60,900 sq.m. The site, designated as a large-scale mixed-use commercial project with expected approximately 232,500 sq.m. of gross floor area ("GFA"). The location benefits from excellent transport links and well-developed community amenities, including various schools, shopping centres, cultural center, children's playgrounds, hospitals, parks, etc. It is located less than one km away from the planned Foshan West Station (high-speed rail, light rail and a transportation hub).
The Chongqing plot is located in the core of the Tea Garden New District of Nan'an District, which covers site area of approximately 87,000 sq.m. A total GFA of 125,000 sq.m. is expected for the project, which is earmarked as a large-scale mixed-use commercial project. The location enjoys the beauty of its natural surroundings and offers a full range of community amenities, including well-developed education and healthcare facilities. Easily accessible, the location of the project is close to the light rail network and intra-city highways, and is only 10 minutes' drive away from the Nanping District and 20 minutes' drive away from the Jiefangbei CBD.
Mr. Guo Zi Wen, Chairman of Aoyuan, said, "The land acquisitions in Foshan, Guangdong Province and Chongqing have further beefed up our land bank and strengthened the Group's strategy and brand influence across the regions. At the same time, the Group will continue to implement the product strategy of ‘developing commercial and residential properties in parallel' under current situation. This not only could meet the demand from the end-users but allows the Group to cushion the impact from the property cooling measures in place. The Group is now experiencing a rapid development stage, and with the support of a strong positive cash flow and solid financial standings, the Group is committed to exploring further opportunities by identifying and acquiring high-potential sites in such cities as Guangdong, Shenyang, Chongqing, etc. We will maintain the development strategy of ‘rapid development and rapid sale' to achieve our high-growth target."
Corporate Profile
China Aoyuan Property Group Limited is listed on the Main Board of the Stock Exchange of Hong Kong Limited (Stock Code: 3883). Aoyuan takes "Building a healthy lifestyle" as its brand concept, and devotes itself to provide first class products and create positive and healthy lifestyle for the clients. As at 30 June 2012, Aoyuan owned a diversified portfolio of 26 projects all over China, such as Guangdong, Shenyang, Jiangsu, Chongqing, Guangxi and Jiangxi. The Group has a land bank with a total GFA of approximately 8.81 million sq. m.
