omniture

Greentown Acquired Residential Site in Jianggan District in Hangzhou Province

2006-12-14 11:30 1379

Total Site Area of 15,486 sq.m. for Development of 423 Residential Units

HONG KONG, Dec. 14 /Xinhua-PRNewswire/ -- Greentown China Holdings

Limited ("Greentown") (or "the Company", together with its subsidiaries,

collectively as "the Group"; stock code: 3900) is pleased announce the

acquisition of a plot of residential site in Tiancheng area in Jianggan

District of Hangzhou Province, through a 94%-owned subsidiary. Total site

area of this plot of land is approximately 15,486 sq.m with permitted GFA of

approximately 53,736 sq.m. Total consideration amounted to approximately

RMB 175,760,000.

The plot of land acquired, located at Nongkouyi Road towards the north

of Tiancheng Road Entertainment Street, is adjacent to the Nongkou Station

of the Hangzhou Underground Railway. This area is expected to become a

large-scale residential area as renovation of villages in the city is

underway. Given the relatively small scale that makes this plot of land a

perfect quick start, the Group plans to commence construction in the second

half of 2007 with 423 residential premises available upon completion.

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

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

plot of residential site. With regard to the strategy related to our land

bank development, in addition to acquiring large-scale land sites that are

suitable for long-term development, the Group will also acquire sites that

are ready for smaller scale projects to develop quickly, like the one we

acquired today. This will relieve the Group from funding pressure due to

the acquisitions of large-sized sites and also shorten the cash cycle.

Looking ahead, the Group will continue to increase our land bank across the

whole nation through different channels and enhance our efforts in marketing

our renowned brand, aiming to improve our leadership in the market."

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 / +852-9273-0293 / +852-9199-2965 /

+852-9306-7346

Fax: +852-3170-6606

Email: kylie.yeung@iprogilvy.com

charis.yau@iprogilvy.com

harriet.lau@iprogilvy.com

natalie.tam@iprogilvy.com

Source: Greentown China Holdings Limited
Keywords: Real Estate
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