DGAP-News: Madison Property AG acquires new land in Qingdao
(firmenpresse) - DGAP-News: Madison Property AG / Key word(s): Acquisition
Madison Property AG acquires new land in Qingdao
29.03.2011 / 10:21
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Berlin/Frankfurt, 29 March 2011 - The Chinese property developer Madison
Property AG (ISIN DE000A0V9KR3 / WKN A0V9KR / Ticker MPD) has successfully
acquired Qingdao Tuteng Zhiye Company Limited ('Tuteng'), which owns 58,696
sqm of commercial land in the Jimiya Area, Jiaonan in Qingdao.
Madison Property AG, through its Qingdao holding company, Qingdao Madison
Group Company Ltd., has purchased 80% of Tuteng via a capital increase. The
remaining 20% of shareholdings will be acquired subsequently. The total
acquisition cost amounts to RMB 200 million (or EUR 21 million) and is
financed entirely out of the group's free cash flow.
The acquired land owned by Tuteng is in a prime location of Qingdao with
three site boundaries facing the sea. The adjacent sites, called 'Carnival
on the Sea' and 'Pacific Centre', are very important commercial and tourism
projects encouraged and introduced for development by the Local Government.
Current prices for apartments in adjacent plots in the pre-sales stage
amount on average to approximately RMB 17,000 (about EUR 1,800) per sqm.
The newly acquired Tuteng land is assigned for commercial and tourism use,
which has already been approved by the Local Government. Madison plans to
develop a real estate project with a total GFA of approximately 120,000
sqm. This multi-purpose project consists of a hotel, residential
apartments, commercial space and other tourism facilities.
'The successful acquisition of Tuteng enables Madison to expand its
business focus from residential project development to the development of
integrated multi-purpose projects. We expect considerable income to be
generated by this project in the future', says Qingtong Tian, CEO and
founder of Madison Property.
About Madison Property AG
Madison Property AG is a German stock corporation with its registered legal
seat in Berlin. It is the holding company of Madison Property Group Limited
which operates as a large scale property developer with its local
subsidiaries in China, mainly in the Shandong Province and the municipality
of Chongqing. Founded in 1998, Madison already completed and successfully
sold 14 projects/project phases. It is focused mainly on residential
properties with high quality and travel as well as leisure properties.
Madison is recognised as a Class I property developer by the People's
Republic of China Ministry of Housing and Urban-Rural Development and can
therefore undertake projects nationwide without limitation on the
construction scale.
For further information please contact:
Kirchhoff Consult AG
Sebastian Bucher
T: +49 40 60 91 86 18
F: +49 40 60 91 86 60
E-Mail: sebastian.bucher(at)kirchhoff.de
or visit www.madisonproperty.de
Disclaimer
This publication constitutes neither an offer to sell nor a solicitation to
buy securities of Madison Property AG.
This document is not an offer of securities for sale or a solicitation of
an offer to purchase securities in the United States. The shares of Madison
Property AG (the 'Shares') have not been registered under the U.S.
Securities Act of 1933, as amended (the 'Securities Act') and may not be
offered or sold in the United States unless registered under the Securities
Act or pursuant to an exemption from such registration. There will be no
public offering of the Shares in the United States and the Shares will not
be registered under the Securities Act.
This document is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii)
high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as 'relevant persons'). The Shares are
only available to, and any invitation, offer or agreement to subscribe,
purchase or otherwise acquire such securities will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or
rely on this document or any of its contents.
End of Corporate News
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117360 29.03.2011
Datum: 29.03.2011 - 10:21 Uhr
Sprache: Deutsch
News-ID 33616
Anzahl Zeichen: 0
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Kategorie:
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