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Thursday, 3 November 2016, 14:30 HKT/SGT

Source: China Household Holdings Limited
China Household Signs Comprehensive Cooperation Agreement with Zhongheng Investment
Actively Advances into Cultural Industry by Developing the First Aerospace-Themed Park and Education Base for Science Popularisation in China

HONG KONG, Nov 3, 2016 - (ACN Newswire) - China Household Holdings Limited ("China Household" or "the Group"; Stock code: 692) is pleased to announce that the Group has entered into a cooperation agreement with Zhongheng Investment Limited ("China Shenzhou Aerospace Park") in relation to the acquisition of the sales shares of Shenzhou Aerospace Town Holdings Company Limited ("Shenzhou Aerospace Town") to actively develop the China Shenzhou Aerospace-Themed Park Tourism Township Project (the "project") and further extend its business into areas of cultural industry. On 31 October, the Group held a grand signing ceremony with Shenzhou Aerospace Town in Zhongshan City, Guangdong, with numerous guests including Mr. Yuan Minhui, Director of Beijing Institute of Space Science and Technology Information, Ms. Wu Yuexia, Vice Mayor of Zhongshan Manicipal Government, government officials at various levels, directors and representatives of China Household and Shenzhou Aerospace Town, together with representatives of various banks, financial institutions and social organisations there to support the development of the project of Shenzhou Aerospace Park and witnessed this important moment.

The China Shenzhou Aerospace-Themed Park Tourism Township Project is the first aerospace-themed park and education base for science popularisation in China strategically planned and jointly developed by China Academy of Space Technology (Space Fifth Institute) and the project party. The project has been included in the "Thirteenth Five" key construction projects in Guangdong province in 2016 and in the major construction projects of Zhongshan City in 2016. Located in Shenwan Town, Zhongshan City, Guangdong Province, with a total site area of 800,000 square meters, the project is intended to be developed into a tourism, cultural and commercial estate village integrated with features of themed-tourism plaza, leisure and resort complex and car camping site in three sectors, mainly consisting of seven sub-parks including Shenzhou Aerospace Park, Outlets Town, Space Agricultural Park, Space Experience Tour, Wentian Science Village, Shengshi Flying Club, Weidu Base, with investment amounted to RMB 7 billion. The project is scheduled to start construction next year, and open in 2020, with expectation of an increase of 5 million new tourists and tourism income of RMB 5 billion for Zhongshan City each year.

Pursuant to the Memorandum, China Household intends to acquire the sales shares of Shenzhou Aerospace Town at the total consideration of no less than HK$1.45 billion. Specific method and schedule of payment are subject to further negotiation, which may include but not limited to by way of an issuance of consideration shares, convertible bonds and promissory notes.

"In recent years, the State has been vigorously promoting tourism and cultural industries, especially laying stress on the development of new aspects of the industry in agricultural tourism, agricultural experience, creative agriculture, tourism real estate and cultural real estate. Meanwhile, the tourism industry accounted for 10.1% of the GDP of China, and has become the new growth driver of the Chinese economy under the new norm. In view of that, the Group is also actively looking for related investment opportunities, to diversify business distribution and revenue sources. As one of the national key development projects, the China Shenzhou Aerospace-Themed Park Tourism Township Project is expected to be a milestone for the Group tapping into the tourism and culture business in China, as well as facilitating its overall promotion and transition and shaping high-end goodwill. Upon the commencement of the cooperation, the project will attract more low-cost capital through the listing platform of the Group, so as to speed up the pace of development. Looking forward, we will seize the development opportunity of China's cultural industry, with China's aerospace-themed park tourism town as a beginning to actively expand our business scope, and strengthen the core competitiveness of the Group so as to generate greater value for shareholders," said Mr. Fu Zhenjun, Executive Director of China Household.

About China Household Holdings Limited (Stock Code: 692)

Founded in 1975, China Household Holdings Limited (previously "Bao Yuan Holdings Limited") was successfully listed on the Main Board of the Hong Kong Stock Exchange in January 2000. In January 2013, after completing the acquisition of the China Household Holdings Limited and its principal operating company - "Prado Style", the Group successfully marked the completion of major strategic transformation to the home business to provide general one-stop household solution. Currently, the Group engages the sales of products under the brand of "Prado Style Household" and operates an integrated e-commerce platform, China Household Commercial Plaza ( to provide all-rounded and one-stop solution of home decoration.

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Nov 3, 2016 14:30 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network

Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Officiating guests for the launching ceremony, start from left includes: Mr. Huo Jintian, Vice Party Secretary of Shenwan Town, Zhongshan, Mr. Li Zhixiong, Executive Director of China Household, Mr. Yuan Minhui, Director of Beijing Institute of Space Science and Technology Information, Ms. Wu Yuexia, Vice Mayor of Zhongshan City, Mr. Chen Fuxing, Party Secretary of Shenwan Town, Zhongshan, Mr. Huang Hongzhao, Chairman of Shenzhou Aerospace Town Holdings Company Limited.
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