Hong Kong, 31 December 2010 Yuexiu Property Company Limited ( Yuexiu Property or the Company ) (HKEx Stock Code: 0123) today announced that the Company, through its subsidiaries, has entered into sale and purchase agreements with Genious Choice Investments Limited and Chaozhou Linghai Property Development Company Limited to acquire, from the two companies respectively, Fancy Treasure Limited and its subsidiary Shenyang Linghai Property Development Company Limited ( Shenyang Linghai ).
Total consideration for the acquisitions amounts to approximately RMB618 million, which will be funded by internal resources of the Company.
Mr. Lu Zhifeng, Chairman of Yuexiu Property, said, Yuexiu Property has always been focusing on the economically-developed cities in the Pearl River Delta, the Bohai Rim and the central region. These acquisitions not only increase the Company s land reserve in Shenyang, but also align with the Company s business strategy of actively establishing a strategically advantageous position in such area.
With Shenyang developing into an equipment manufacturing centre of the country as well as a logistics and financial centre in Northeast China, the demand for quality properties in Shenyang will continue to rise, and we believe the prospects of the commercial sector and the real estate market in Shenyang are very promising.
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