Greentown Acquired Residential Site in Xinchang City of Zhejiang Province

Greentown China Holdings Limited
2006-12-19 17:15 1374

Total Site Area of 144,862 sq.m

The Second Land Acquisition in One Week

HONG KONG, Dec.18 /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 site in Panlong Lake area in Xinchang

City of Zhejiang Province in 15 December, 2006. This is the second

successful land acquisition of the Group in one week.

The plot of land acquired is a large-scales residential site with total

site area of approximately 144,862 sq.m. and permitted GFA of approximately

144,862 sq.m. Total consideration amounted to approximately RMB

52,000,000. The site, located at the north of Chengguan Town, is adjacent

to Shang San Expressway with convenient transportation and beautiful natural

view. The Group plans to commence construction in the second half of 2007.

Mr. Shou Bainian, Executive Vice-Chairman & Chief Executive Officer of

Greentown, said, "We are pleased with the successful acquisition of two

plots of land in only one week. Xinchang City is one of the top 100

strongest cities in China with huge economic strength and development

opportunities. We are confident that our success in acquiring this plot of

land can further consolidate our competitive strengthens in Zhejiang

Province. Looking ahead, we will continue to look at quality sites to match

our future development plan."

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 and Urumqi in Xinjing Uygur Autonomous Region. 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.

For more information, please contact:

iPR Ogilvy LTD.

Kylie Yeung / Charis Yau / Harriet Lau / Natalie Tam

Tel: +852-9489-6845 / 9273-0293 / 9199-2965 / 9306-7346

Fax: +852-3170-6606

Email: / /

Source: Greentown China Holdings Limited
Keywords: Real Estate