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HONG KONG, Apr 25, 2013 - (ACN Newswire) - Sino Harbour Property Group Limited ("Sino Harbour" or the "Group") (Stock code: 1663), a recognised developer of residential and commercial properties in the fast growing cities in central China, announced that Sino Africa Investment, an indirect wholly-owned subsidiary of the Group, has successfully bid for the land use rights of parcel (the "Land") in Gongshu District, Hangzhou, Zhejiang Province, the PRC for RMB506,000,000 (equivalent to approximately HK$627,440,000). The consideration for the acquisition will be funded by the Group's internal resources, bank borrowings, and/or other alternative means, as the Board deems fit.
The Land is located at the Southwest junction of Moganshan Road and Shenhua Road, one of the core areas of Gongshu District, and is adjacent to an underground railway station of metro line number two, which is expected to be in operation from 2016 onwards. This district is set to become a new central business district in Hangzhou planned to attract various sectors including financial services, information technology, tourism and leisure, and culture and creativity. With a site area of approximately 20,482 sq. m. and a planned construction floor area of approximately 81,928 sq. m., this Hangzhou project is going to be developed as a well-known commercial landmark including retail shops and office premises as well as cultural and community amenities.
Mr Shi Feng, Deputy Chairman, CEO and Executive Director of Sino Harbour, said, "This acquisition is in line with our growth strategy by acquiring high quality investment projects with good potential at reasonable cost. The convenient access of the new land parcel within Hangzhou and the future development potential of Gongshu District present a unique strategic investment opportunity of the Group. This project further geographically diversifies of the Group's land bank in the PRC, and broadens its assets and earning base. Though the PRC property market faces ongoing challenges in 2013, we will carefully monitor industry trends and grasp any development opportunities to achieve sustained growth."
Contact:
Strategic Financial Relations Limited
Vicky Lee
+852 2864 4834
vicky.lee@sprg.com.hk
Angela Ng
+852 2864 4855
angela.ng@sprg.com.hk
Renee Siu
+852 2114 4319
renee.siu@sprg.com.hk
Fax +852 2527 1196
Topic: Press release summary
Source: Sino Harbour Holdings Group Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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