Endeavours to Obtain Quality Commercial and Residential Land Plots at Low Cost And Expand And Optimize Existing Regional Land Bank
HONG KONG, April 2, 2013 /PRNewswire/ -- China Aoyuan Property Group Limited ("Aoyuan" or the "Company", together with its subsidiaries the "Group"; Hong Kong Stock Code: 3883), a leading property developer in Guangdong Province, China, is pleased to announce that a subsidiary of the Group has signed an agreement with Jiangmen Haoxiang Properties Company Limited ("Haoxiang Company") to acquire a 51% equity stake in Yicheng International Shopping Mall project for RMB 51 million by purchasing additional shares of expanded share capital. A subsidiary of the Group and Haoxiang Company will hold the project 51% and 49% respectively.
Yicheng International Shopping Mall will be built at a prime site of the New District of Beicheng of Pengjiang District, Jiangmen City, Guangdong. The shopping mall will be a large integrated project of commercial and resident properties with total gross floor area of approximately 300,000 square meters. The New District of Beicheng enjoys convenient transportation and well established social infrastructure which includes schools, shopping malls, museums, hospitals and a park, etc. The project will be only 2.4 kilometres from the Group's another project "Jiangmen Aoyuan".
Mr. Guo Ziwen, Chairman of Aoyuan, said, "The Group is in a phase of rapid development. Against the backdrop of the Chinese government's macroeconomic control policies, the Group will continue to implement the strategy of developing both commercial and residential properties in integrated projects to satisfy inelastic demand for housing. Our strategy of ‘rapid development and rapid sale' will apply to the new integrated project of commercial and residential properties in Jiangmen. We will start construction and pre-sales this year. The acquisition of a site for building Yicheng International Shopping Mall has expanded the Group's quality land bank for commercial and residential properties in Guangdong and strengthened its brand influence and its leading market position. The Group will actively acquire lands with development potential at a low cost as it operates in line with Guangdong province's policy of redeveloping sites of ‘old towns, old villages and old factories' into hospitable areas. This will enable the Group to achieve good returns for its shareholders."
Corporate Profile
Aoyuan is one of the leading property developers in Guangdong Province in China. Projects are mainly located in Guangdong, Shenyang, Hunan, Chongqing, Jiangsu, Guangxi, and Jiangxi. Aoyuan's land bank was 9.955 million sq.m. GFA as of 31 December 2012. Aoyuan takes the product strategy of "developing commercial and residential properties in parallel" and development strategy of "rapid development and rapid sale". With solid financial position and excellent project development and operation management capabilities, in 2013, Aoyuan will enter into a rapid expansion era.
