HONG KONG, April 11, 2011 /PRNewswire-Asia/ -- The Board of Directors of Hengli Properties Development (Group) Limited (the "Company" or "Hengli", HKEx stock code: 169) announced that the total rent for its long-term lease agreement with Wangfujing is approximately RMB1,260,000,000. It was expected to bring the Company an average annual rent of about RMB63,000,000.
According to the lease agreement, Hengli will lease the 8-story commercial podium of Hengli City, one of the Company's projects, to Wangfujing. The leased area is approximately 55,029 sq.m. and the term of agreement is 20 years. Hengli City located in the financial district of Fuzhou, Fujian Province, PRC with a total gross floor area of around 241,600 sq.m. The property is being developed into a residential, office and retail complex and is expected to be completed in the second half of 2011.
Commenting on the agreement, Mr. Chen Chang Wei, Chairman of Hengli, said "We believe that the well-known brand name of Wangfujing could help to strengthen the Group's brand recognition, as well as further enhance the Group's image in the market. The lease will bring stable cash flow to the group and the leased property will appreciate over the long run."
About Hengli Properties Development (Group) Limited
Hengli Properties Development (Group) Limited is listed on the main board of the Stock Exchange of Hong Kong Limited (stock code: 169). The Company is principally engaged in the sales and development of property projects, as well as the investment of commercial properties. Currently the key projects of the Company are in Gulou District of Fuzhou city, a Strait West Coast Economic Zone. The Company owns "Hengli City", "Hengli Financial Centre", "Hengli Chuangfu Centre" and "Hengli Bona Square".
