Longfor launches first project in Wuxi to overwhelming market response

Hong Kong, 2 June 2010 Longfor Properties Co. Ltd. ( Longfor Properties or the Group , SEHK Stock Code: 960), a premier property developer in China, is pleased to announce that its first residential development project in Wuxi, the Wuxi Rose and Ginkgo Villa (Taike Yuan Phase I) was launched on 30 May. Putting up for sales in the first phase were 70 apartments priced from RMB18,000 to 20,000 per sq.m. and 40 duplex villas of between RMB13,000 and 15,000 per sq.m.. On the first day of sales, 105 units, or 95.5% of the properties available, were sold for a total of RMB 420 million.

Wuxi is one of five markets where the Group newly entered last year. Wuxi Rose and Ginkgo Villa is the first project launched by Sunan Company. A premium quality low-rise residential development, Rose and Ginkgo Villa has a total floor area of 208,000 sq.m. and has been applauded by the market for its exceptional quality, craftsmanship and unique positioning.

A Longfor spokesperson says, The satisfactory sales of Wuxi Rose and Ginkgo Villa is testament to the effectiveness of Longfor s investment strategy by focusing on second tier cities. Leveraging our solid brand, outstanding quality and unique product positioning, the Group has been able to widen its lead in the industry despite recent market turbulence. Furthermore, we were able to launch the project in just nine months, from acquiring the land in second half of last year to putting up for sales in May. This fully demonstrates the strong operation ability of Longfor.

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Longfor Properties is a premier developer engaged in property development, investment and management in China, with a strong market position in the Beijing, Chongqing and Chengdu property markets, and with presence in Shanghai, Xi an, Wuxi, Shenyang, Changzhou, Hangzhou Qingdao and Dalian. The Group serves a wide spectrum of customers, including the upper class, middle class and mass market. Its product offerings range from high-rise apartment buildings, low-rise garden apartments, townhouses, luxury stand-alone houses, as well as shopping malls and other commercial properties.

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