Yuexiu Property Acquires Zhongshan Plot

Hong Kong, 28 December 2009 Yuexiu Property Company Limited ( Yuexiu Property or the Company ) (HKEx Stock Code: 0123) announced that the Company acquired, through a 95% owned subsidiary, a plot of land in Zhongshan City of Guangdong Province (the Zhongshan Plot ) on 24 December, 2009.

The Zhongshan Plot has a site area of approximately 167,000 square meters and a permissible gross floor area of up to approximately 418,000 square meters. The consideration amounts to RMB544,000,000 (approximately HK$618,000,000). The land has been approved for residential and commercial use. Area for residential use accounts for 84%, while area for commercial use accounts for 16% of the permissible gross floor area.

The Zhongshan Plot is located in the center of the Southern District in Zhongshan City, Guangdong Province, adjacent to the district government. Zhongshan City, which has a permanent population of about 2.5 million with GDP ranked fifth in Guangdong Province, is one of the key cities in the Pearl River Delta.

Mr. Lu Zhifeng, Chairman of Yuexiu Property, said, With the introduction of the State s Reform and Development Programme Outlines of the Pearl River Delta Region , the commencement of construction of the Hong Kong-Zhuhai-Macau Bridge and the opening of the Guangzhou-Zhuhai intercity rail network in 2010, Zhongshan City will become an increasingly prominent city and will witness the development of a promising real estate market.

Therefore, the securing of the Zhongshan Plot represents an important step of the Company towards implementing the strategy of enhancing its real estate business development.

During 2009, Yuexiu Property has successively acquired Jiangmen Properties I-II, Pearl River New City D8-C3 Property, University City Properties I-II, University City Properties III-IV and University Properties V-IX in Guangzhou City, as well as the Yantai Plot in Shandong Province. Together with the Zhongshan Plot acquired today, the Company s newly added land bank for the year totalled 1.38 million square meters. To date, the Company has a total land bank of 7.84 million square meters.

The Company was listed in Hong Kong in 1992 and is one of the top 10 integrated property developers in Guangzhou. The Company s main business is property development with its operations mainly concentrated in the Guangzhou area.

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