YUEXIU PROPERTY COMPANY LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in Hong Kong with limited liability)
(Stock code: 00123) Announcement Land Acquisition
On 21 January 2015, the Company acquired a parcel of land with a total gross floor area of approximately 184,698 sq.m. at Huaqiao Development Zone, Kunshan City, Jiangsu Province, for a consideration of RMB442,783,578 by way of open tender through its indirect subsidiary, the equity interest of which is owned as to 51% by a 95%-owned subsidiary of the Company.
The Board of Directors (the "Board") of Yuexiu Property Company Limited (the "Company") is pleased to announce that, on 21 January 2015, the Company acquired a parcel of land located at Huaqiao Development Zone, Kunshan City, Jiangsu Province ("Kunshan Huaqiao Development Zone Land Parcel"), for a consideration of RMB442,783,578 by way of open tender through its indirect subsidiary, the equity interest of which is owned as to 51% by a 95%-owned subsidiary of the Company.
The Kunshan Huaqiao Development Zone Land Parcel has a site area of approximately 58,803 sq.m. and a total gross floor area of approximately 184,698 sq.m., of which the permissible gross floor area amounts to approximately 147,007 sq.m., the underground gross floor area amounts to approximately 37,691 sq.m., and the average land cost based on the total gross floor area amounts to approximately RMB2,400 per sq.m.. The parcel of land is for residential use. As of the date of this announcement, the Company's total land bank amounted to approximately 15.90 million sq.m.. In terms of the attributable interest, the Company's land bank amounted to approximately 12.99 million sq.m..
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The parcel of land is located north of Ludi Avenue and west of Meipu River, Huaqiao Development Zone, Kunshan City, Jiangsu Province. The parcel of land is located in the core area of the Huaqiao Development Zone and is adjacent to Jiading District, Shanghai City with an advantageous geographical location. The parcel of land borders upon Ludi Avenue, which is one of the major roads that run through Kunshan and is adjacent to Guangming Road Station of Shanghai Metro Line No.11, enjoying convenient transportation. It is expected that economic development in Shanghai City and Kunshan City will drive the development of property market in areas surrounding the parcel of land, with a huge potential for future development.
The Board believes that the Kunshan Huaqiao Development Zone Land Parcel is acquired by the Company for the purpose of absorbing quality land bank appropriately under the strategy of "Home base in Guangzhou and strategic expansion nationwide". Following the acquisition of the Kunshan Huaqiao Development Zone Land Parcel, the Company's land bank in the Yangtze River Delta region amounts to 3.13 million sq.m., which will further expand the Company's development scale in the region. The Company has another project namely Paradiso Pavilion in Kunshan City. In the future, the two projects may complement each other to better enhance brand image.
Hong Kong, 21 January 2015
By Order of the Board
Company Secretary
As at the date of this announcement, the Board comprises:
Executive Directors: ZHANG Zhaoxing (Chairman), ZHU Chunxiu, TANG Shouchun, CHEN Zhihong, LI Feng and OU Junming
Independent Non-executive
Directors:
YU Lup Fat Joseph, LEE Ka Lun and LAU Hon Chuen Ambrose
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