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| Secures a Project Located in New Urban Centre in Shanghai |
HONG KONG, Apr 8, 2015 - (ACN Newswire) - Joy City Property Limited ("Joy City Property" or the "Company," HKEx stock code: 0207) has successfully acquired a 50% equity interest in Shanghai Linyao Investment Limited ("Shanghai Linyao") at an aggregate price of RMB1.208 billion (same below: RMB) through Shanghai United Assets and Equity Exchange.
The principal asset of Shanghai Linyao is a parcel of land located in Qiantan business district, Pudong New District, Shanghai. Shanghai Pudong has been designated as a key development area and is already an important facilitator for the transformation of urban development and commercial upgrade in Shanghai in the future. Thus Pudong New District is to become a new world-class central business district and the urban centre in Shanghai that combines functions of business and commerce, culture and media, as well as sports and leisure as a whole. The allocation of the land use is mixed commercial and office space as well as for residences. The land parcel has a total area of approximately 24,600 sq.m. and a gross floor area of approximately 83,600 sq.m. Joy City Property is responsible for the overall operation of the project. Adhering to the two-track development strategy of the Company, the project has expanded its saleable property area and can enhance its cash flow.
The management believes that the acquisition can further strengthen the Group's established presence in the property market in Shanghai as well as its expertise in the development of mixed-use complexes. In view of strategic location and huge growth potential of the project, the Company is very confident in the expected financial returns of the project.
The Company said, "The significance of this acquisition is that it is aligned with the Company's business strategy of actively looking for suitable land parcels for development at prime locations of first-tier cities in order to replenish the land bank. Our Board is of this view and also believes that due to Pudong's unique role in Shanghai that the acquisition will contribute to strong growth and bring returns to our shareholders."
Contact:
Strategic Financial Relations (China) Limited
Ms Serine Li Tel: (852) 2864 4835 E-mail: serine.li@sprg.com.hk
Ms Ada Leung Tel: (852) 2114 4967 E-mail: ada.leung@sprg.com.hk
Topic: Press release summary
Source: Joy City Property Ltd
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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