DGAP-News: Tianbao Holdings Ltd. (Ticker:3TB1) Announces Update and significant Revaluation of Zhenghou Project
(firmenpresse) - DGAP-News: Tianbao Holdings Ltd. / Key word(s): Miscellaneous
Tianbao Holdings Ltd. (Ticker:3TB1) Announces Update and significant
Revaluation of Zhenghou Project
28.08.2013 / 08:00
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Zhengzhou China PRC - Wednesday - August 28, 2013 -
Tianbao Holdings Ltd. (Ticker:3TB1) Announces Update and significant
Revaluation of Zhenghou Project.
The board of directors announced today an update to the Zhengzhou Project
where the company is developing its own property.( Zhongyuen West Road ).
Due to local government relocating its offices to a piece of land adjacent
to the company's own property of 11,500sqm, this has now been re
designated from low income housing to a higher level, including commercial
use.
This re-designation increases the value to the project from 48mio euro to
62 mio euro, with the land alone being valued at about 100 million RMB (
approx. US$ 16 mio) prior to construction.
Building permission has been granted for a three story shopping mall,
totaling 5300 sqm retail space.
Planning consent has also been obtained to build two tower blocks above
the mall
The first being a 26 story office block comprising of 12,800 m²of office
space.
A second tower has been designated to house a four-star hotel with 280
rooms., banqueting rooms and conference facilities . The hotel will have to
be operated by an acceptable operating company .
With the construction complete conservatively the company estimates that
the land will be worth at least 400 million RMB approximately US$62
million.
The estimated market value of the rental for the mall is 200 RM be per
square meter. The company has a letter of intent from a triple A tenant
that is prepared to commit to leasing the space upon completion at 20%
below market, or 160 RM be per square meter which would equate to US$1.6
million in rental income.
The company has also been granted consent to build a subterranean garage
with 260 parking spaces.
While the company has no intention of abandoning its mainstream business of
the construction of low-income housing, the company does regard the
unexpected planning permission as a windfall and has every intention of
developing this land from its own resources immediately .
It estimates that the entire project will be completed by mid 2015. Work
will commence May 15 , 2014 .
______________________ .
About Tianbao Holdings:
Tianbao Holdings (the 'Company') is an economically-affordable housing
manufacturer in the People's Republic of China. The Company works closely
with the Chinese government in acquiring the land for new housing
developments and constructing the homes per the specifications of the
housing plans of both the national Chinese government as well as the
provincial governments, in particular Henan Province, wherein all of the
Company's projects to date have been located.
Please address questions to : tianbaoholdings(at)gmail.com.
Safe Harbor Statement; The statements contained herein are forward-looking
statements that are subject to risks and uncertainties that could cause
actual results to differ materially from those expressed in the
forward-looking statements.
End of Corporate News
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227790 28.08.2013
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Datum: 28.08.2013 - 08:00 Uhr
Sprache: Deutsch
News-ID 291499
Anzahl Zeichen: 4933
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Kategorie:
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