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| Marks a New Milestone in its Development History |
HONG KONG, Mar 19, 2014 - (ACN Newswire) - Ground Properties Company Limited ("Ground Properties" or the "Group"; stock code: 989) has today announced that its English name has been officially changed from "China Motion Telecom International Limited" to "Ground Properties Company Limited". Starting from 19 March 2014, the Group's shares are to be traded under the name of "Ground PPT", marking its landing on the Hong Kong capital market, and its website is changed to "www.groundproperties.com".
Ground Properties is mainly engaged in three major segments: property development and management, property investment and retail sales and management services. To effectively complement and precisely reflect the significance of the property development business, the change of name to "Ground Properties" enables the Group to build a new corporate image on the capital market platform in Hong Kong, thus creating huge potential for future development. Capitalising on its abundant experience, the Group has set up a detailed business development plan. Ground Properties is to develop the property project in Changbaishan, Jilin, into a high-end resort with six-star hotels, theme park, stand-alone houses and apartments, occupying an aggregate planned gross floor area of approximately 1,130,000 sq.m. It holds a 35% interest in this project through a wholly-owned subsidiary Ace Plus Global Limited. The development of this project is to be completed in phases with Phase I starting pre-sale in the second half of 2014. The Group is expected to benefit from 35% profit derived from the sales of residential units of the project and the recurring rental income from commercial units. Besides, the Group is to provide management services for the project, including planning, design, budgeting, licensing, contract tendering and contract administration, and the management income will create a new income source for the Group. This Changbaishan project will become a foundation for the Group to enter the property investment and management market in China.
Ms. Chai Xiu, Chairman and Chief Executive Officer of Ground Properties Company Limited, said, "The changing of the company name can better reflect our future business nature and development direction, thus marking an important milestone for the Group. We will also leverage the extensive experience of the management in the property industry to explore more business opportunities and generate returns for shareholders."
Looking ahead, Ground Properties will continue to expand its telecommunications business, while utilising its property investment and management expertise to capture the huge opportunities in the burgeoning commercial property industry in China. At the same time, the Group will execute an aggressive yet prudent strategy to search for potential investment opportunities within China. Towards this end, it aims to develop a balanced property portfolio that meets market demand, with the aim to inject new momentum to the sustainable development of the Group and generate long-term and promising returns for its shareholders.
Media Enquires:
Strategic Financial Relations Limited
Joanne Lam +852 2864 4816 joanne.lam@sprg.com.hk
Jovanni Cai +852 2114 4937 jovanni.cai@sprg.com.hk
Miranda Xie +852 2864 4862 miranda.xie@sprg.com.hk
Topic: Press release summary
Source: Ground International Development Limited
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
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