Neo-China Group Marches into the Zhuhai Real Estate Market, Purchasing the Qi’ao Island Project with RMB 3.1 Billion Yuan

Source:soufun.com

On October 9, Neo-China published its latest announcement that it had made a large investment amounting to RMB 3.1 billion yuan into the Zhuhai Qizhou Island Film and TV City through the method of stock purchase. Thus, Neo-China Group who had been silent for over half a year in the real estate development market of Mainland China marched into the Zhuhai real estate market for the first time.

It has been learned that the Zhuhai Qizhou Island Film and TV City that Neo-China Group purchased this time is located in Qi’ao Island of Zhuhai, covering an area of about 2.2216 million m². According to the planning, commercial property and top class villas will be built. It is estimated that the project will be started in the beginning of 2008 and the whole development process will take about 5 years. Neo-China has purchased, via its wholly owned subsidiaries, Jiazhan (Beijing) Enterprise Management Co., Ltd. and Neo-China Real Estate, all the stocks of Zhuhai Qizhou Island Film and TV City Project Company held by Zhuhai Yuzhuo Hongji Group Co., Ltd. and Yunde Group Co., Ltd., thus owning this project. The transaction involved an amount of RMB 3.1 billion yuan. The taking over of the Qi’ao Island Project also symbolized that Neo-China Group entered the Zhuhai real estate market for the first time. Related principals of Neo-China Group indicated that this purchase was also a good opportunity for the company to further expand its business in the property market of Zhuhai.

Up to now, the total area of land reserves of Neo-China Group in Mainland China has exceeded 13 million m², and the cities it has entered include Beijing, Shanghai, Tianjin, Chongqing, Xi’an, Chengdu, Changsha, Shenzhen, Harbin, Shenyang and Zhuhai etc. Yunkun, Chief Financial Officer and Executive Director of Neo-China, said that the Group hoped to launch 1 million m² of saleable area within 2007. At present, the projects in many cities including Beijing, Chongqing and Tianjin have entered the sales period.