Euro Asia Provides Update on Existing Projects
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Euro Asia Premier Real Estate Company Limited /
Euro Asia Provides Update on Existing Projects
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* Negotiations with joint venture partner for Training and Exhibition Center
* Agricultural Machinery to more than triple in size
* Julongjian Park received first zoning approvals for town house development
Weifang (People's Republic of China), 03 December 2010
Euro Asia Premier Real Estate Company Limited (ISIN: VGG3223A1057) today
provides shareholders with an update of certain of its existing projects.
Patrick Chan, Vice Chairman for Euro Asia, stated, "We are very pleased with the
progress made this past year. When we went public in May, 2010, we shared with
the market our belief that there was significant upside potential in our current
portfolio of projects and our land bank. This has proven to be the case, as can
be seen from the recently announced sale of the German Hotel, as well as from
the expected increase in the land value we have now received zoning approval
for."
JV Partner Negotiations for Training and Exhibition Center
Construction of `The Training and Exhibition Center`, which commenced in July
2010, was scheduled for completion by December, 2010. The Company is pleased to
announce that this construction schedule was maintained and the contractors are
currently in the process of completing the outer structure.
NIW real-estate, on behalf of Euro Asia, has completed initial negotiations with
a Chinese multinational company concerning the formation of a joint venture
regarding the Training & Exhibition Center. Under the current discussions,
NIW`s capital investment into project will be transferred to the joint venture
partner in return for a fixed fee plus a to be negotiated percentage of gross
and/or net income, along with the hotel`s management rights. In return, the
partner will invest into the lease hold improvements of the hotel, estimated at
RMB 120 million (Euro 13.7 million), and act as its operator in lieu of Euro
Asia. The Company expects negotiations for the management contract to be
completed by March 31, 2011.
The China Agricultural Machinery Marketing Center Will Be More Than Triple its
Original Planned Size
Euro Asia acquired the land rights to 159,999.3 m², originally intended for the
construction and started presale during the second half of 2010. Upon further
discussion with potential purchasers, the government and other users, it was
concluded that a larger scale project was required fully to fulfill the concept
of the China Agricultural Machinery Marketing Center. In the second half of
2010, Euro Asia entered into discussions with the Fangzi government to acquire a
site adjacent to the existing parcel of 333,333.5 m², or approximately 2.5 times
the size of the original site. This adjacent site will be added to our original
plan and bring our project size to almost 500,000 m². The Company aims to
acquire the site at a reasonable cost, which should not be in excess of RMB 175
million (Euro 19.3 million). Negotiations for the site and approval of
development plans are expected to be completed by March, 2011.
The original plan was to produce an agricultural center catering to the
middle/high end market, whereas the new plan calls for a medium priced center,
catering to the complete range of machinery, equipment and agricultural
supplies, both domestic and international.
First Zoning Approvals Received for Luxury Town Houses at Julongjian
Euro Asia holds in its land bank a 200,000 m² site in the Julongjian Park, to be
zoned into luxury town housing. The original valuation carried out by DTZ
appraised the site at RMB 200 million (Euro 22.8 million) once zoning approval
is received. Euro Asia is pleased to announce that the Company has received
initial approval on one half of this site, with further applications pending. A
new appraisal has been commissioned and Management believes that the 100,000
m(2) site on which approval has been received will be valued at no less than RMB
150 million (Euro 17.1 million), an increase in value by RMB 50 million (5,7
million Euro). Zoning and construction permits for the entire site are expected
to be awarded by June 30, 2011, construction to start during the second half of
the year.
Mr Chan concludes, "Our new plans for the Training Center and the Agricultural
Center as described in this release are further examples of how we are looking
to accelerate growth, cash flow and shareholder value creation. We are in a
good position and in a very good market. Some of the opportunities we have
identified are, as is the case for the Agricultural Center, much larger than
originally anticipated. We have the organization to benefit from these and
other opportunities and we look forward to making further announcements."
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#1468394]
--- End of Message ---
Euro Asia Premier Real Estate Company Limited
Jian Hong East Street No 316 Weifang City, Shandong China
Listed: Xetra Stars in Frankfurter Wertpapierbörse;
Press Release as PDF:
http://hugin.info/143073/R/1468394/406073.pdf
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Source: Euro Asia Premier Real Estate Company Limited via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 03.12.2010 - 10:00 Uhr
Sprache: Deutsch
News-ID 49381
Anzahl Zeichen: 7302
contact information:
Town:
Weifang City, Shandong
Kategorie:
Business News
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