Euro Asia Premier Real Estate to Sell German Hotel
(Thomson Reuters ONE) -
Euro Asia Premier Real Estate Company Limited /
Euro Asia Premier Real Estate to Sell German Hotel
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The issuer is solely responsible for the content of this announcement.
Non-binding agreement with prospect buyer signed
Weifang (People's Republic of China), 30 November 2010
Euro Asia Premier Real Estate Company Limited (ISIN: VGG3223A1057) today
announced the Company has decided to sell its property the Xin Yuan Ju Hotel, or
German Hotel, as well as the lands the Company holds adjacent to the hotel.
The Company has entered into a non-binding agreement with a third party for the
purchase. Buyer's due diligence is expected to be completed before 31(st)
December, with a binding agreement entered into by March 2011 and final
completion of the deal no later than May 2011. Under the non-binding terms of
the agreement, the buyer will pay RMB 72 million (approx. Euro 8.16 million) for
the properties, generating a pre-tax profit of RMB 8 million (approx. Euro 0.91
million) to Euro Asia.
Patrick Chan, Vice Chairman for Euro Asia stated, "We have come to the decision
to sell the German Hotel in order to bring cash flow generation forward. We
have identified a number of good additional opportunities that the funds raised
through the sale will allow us to pursue. Real estate is performing well in the
Weifang area. The move signifies a shift in our strategy. We will become more
aggressive in pursuing development opportunities in the market, as well as
developing our land bank in order to accelerate ROI. This transaction will have
a positive effect on our cash flow to accelerate development through to 2013.
On 8 December 2010, Euro Asia will present at the Capital Markets Conference in
Munich.
About Euro Asia
Euro Asia is a BVI registered company, active in real estate development in the
Shandong area of the People's Republic of China. The Company operates locally
through its subsidiaries, jointly owned with SNI, a leading local development
company. Generating leasing revenues from a number of commercial properties, the
Company has a number of other projects under development. By utilizing its
strong local network to banks, political decision makers, land owners and other
developers, the Company intends to grow its position in the region prior to
moving into other prefecture-level cities.
Contact:
Schwarz Financial Communication
Frank Schwarz
Tel: +49 611 1745 398 11
Schwarz(at)schwarzfinancial.com
[HUG#1466755]
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Euro Asia Premier Real Estate Company Limited
Jian Hong East Street No 316 Weifang City, Shandong China
Listed: Xetra Stars in Frankfurter Wertpapierbörse;
Euro Asia Press Release:
http://hugin.info/143073/R/1466755/404486.pdf
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originality of the information contained therein.
Source: Euro Asia Premier Real Estate Company Limited via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 30.11.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 49227
Anzahl Zeichen: 3810
contact information:
Town:
Weifang City, Shandong
Kategorie:
Business News
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