First Collaboration with Renowned Hong Kong Real Estate Enterprise to Establish Long-term Cooperation
HONG KONG, July 22, 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 Chong Xian New Town, Yuhang District, Hangzhou and designated primarily for residential and commercial use.
CIFI succeeded in acquiring the Site in May 2013 with a bid of RMB763 million. With a total site area of approximately 86,700 sq.m. and a planned GFA of approximately 216,700 sq.m., the Site is intended for residential and commercial uses, with residential GFA of not less than 90% of total.
Pursuant to the Agreement, CIFI and Henderson China will respectively hold 49% and 51% 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 RMB763 million, of which 49% or RMB373,870,000 will be contributed by CIFI, which will be financed by internal resources of CIFI.
Henderson China is a subsidiary of Henderson Land ("Henderson Land", HKEX code: 12). Henderson Land is an investment holding company and its subsidiaries are principally engaged in the businesses of property development and investment, construction, infrastructure, hotel operation, finance, department store operation, project management, investment holding and property management.
Mr. Lin Zhong, Chairman and Chief Executive Officer of CIFI, said, "We are delighted that Henderson China will jointly develop the Site with us, which demonstrates another real estate giant's recognition of CIFI's strong execution and governance abilities after our cooperation with Greenland Group. This is the Group's first collaboration with a Hong Kong real estate enterprise, and yet another milestone in the development of CIFI. In the future, we will strive to reinforce long-term cooperation with other property developers and to actively promote the business development of CIFI."
About CIFI Holdings (Group) Co. Ltd.
CIFI Holdings (Group) Co. Ltd., headquartered in Shanghai and one of China's Top 50 Real Estate Developers in terms of sales revenue, is engaged in the property development, property investment and property management businesses in the PRC. CIFI is a strategy-oriented and shareholder value-focused real estate enterprise. The Company develops its business strategies in line with government policies related to the real estate sector in the PRC. In the area of residential property development, CIFI principally focuses on developing residential properties with small-to-medium unit sizes, comfortable living environments and locations with good public transportation links. In the area of commercial property development, CIFI principally focuses on developing commercial properties for sale.
