Shenzhen Investment announced business developments?
Acquired 50% stake of A Metro property development project in Shenzhen and progresses on redevelopment projects
(20 December 2013 - Hong Kong) Shenzhen Investment Limited ("Shenzhen Investment", SEHK stock code: 604.HK) is pleased to announce two business developments: 1. We signed a contract yesterday with Shenzhen Metro Co. Ltd. to acquired 50% stake of a Metro property development project in Nanshan District in Shenzhen for RMB 1.208bn; 2. Significant progresses were made on redevelopment projects.
Acquisition of 50% stake of A Metro property development project in Shenzhen
The project sits right next to the Tanglang station of No.5 Metro line in Nanshan District Shenzhen, near the University Town of Shenzhen. The project has land area of 43,584 sqm and GFA of
Progresses on redevelopment projects in Shenzhen
261,510 sqm. It is planned to develop into a complex project with residential and serviced apartment of 132K sqm, office of 50,000 sqm, commercial space of 48,000 sqm and a 30,000 sqm hotel.
We acquired 50% stake of the project from the Shenzhen Metro Co. Ltd. with total acquisition cost of RMB1.208bn. Land cost of the project is around RMB 8,900/sqm. The project is scheduled to commence in end 2013 and to start launching presale for the residential part in 2015. We expected satisfactory return from this project.
Significant progresses were made on our redevelopment projects in Shenzhen recently. Firstly, we completed all resettlement negotiations and officially obtained the qualification of developing entity for our Guanlan Rose Garden project, which is located in Guanlan, Baoan Distirct and has GFA of about 125,000 sqm. Moreover, we obtained the approval for the special planning of the Chegongmiao redevelopment project, and obtained the qualification of developing entity for the "Phase 1 of the project" as well. Chegongmiao redevelopment project is located in Chegongmiao, Futian, the planned GFA for the whole project is about 420,000 sqm, of which the Phase 1, our self-own part, has planned GFA of 100,000 sqm.
Shenzhen Investment Limited
Shenzhen Investment will continue to implement our Shenzhen focus strategy and improve our land bank structure going forward. We will keep looking for more opportunities to increase exposure to Shenzhen and provide sustainable return to our shareholders.
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