Emperor International Holdings to Develop High-end Shopping and Office Complex
in Beijing
Land Acquisition Marks Group's First Foray into the Chinese Capital
HONG KONG, April 12 /Xinhua-PRNewswire-FirstCall/ -- Emperor
International Holdings Limited (''the Group'') (Hong Kong Stock Code: 163;
ADR: EPRRY) today announced that it has acquired a piece of land in a key
district in Beijing for building a high-end shopping and office complex.
The total investment in this first land transaction of the Group in the
Chinese capital and the property project amounts to HK$1.5 billion.
The 88,420 square feet site commands a prime frontage along Chan'an
Avenue and is on the south of Jianguomenwai Street, a famous tourist,
shopping and office area between the second and third rings of Beijing.
The Group plans to build on the site a comprehensive commercial
complex, to be designed by renowned Hong Kong architect Mr Rocco Yim of
Rocco Design Limited, whose works include the Hong Kong International
Finance Centre, Citibank Plaza and No 1 Peking Road. The complex, to have a
gross area of at least 816,385 square feet, will comprise a retail podium
with high-end and luxury shops, restaurants, entertainment hot spots and
car-park facilities, with a Grade-A office tower above.
Mr Donald Cheung, the Group's Director of Property Department, said:
''We are excited to have the project at such a prime location in Beijing.
The building is expected to become a landmark in Chaoyang District and a
key asset in our property portfolio. It will also serve as the Group's
headquarters in Beijing when it is completed.''
The land transaction at approximately HK$406 million was completed on
10 April 2006. The Group funded the purchase with internal resources, bank
loans and via corporate exercises.
The Group will own 100 per cent of the land and project, which is
scheduled to be completed by 2009.
The transaction shows the Group's determination and capability to grow
its property business, following its announcement last year to dispose of
non-core operations and focus on property development and investment.
Opposite to the Silk Market, the site is located near the subway exit
of Yonganli, Line 1 of the Beijing Subway, thus within easy access to and
from the metro line and other public transports. It is also within walking
distance of the popular Scitech Department Store, Friendship Store, the
Beijing International Club and many famous hotels.
According to independent third-party valuer estimates, the site carries
an accommodation value of HK$1,400 to HK$1,500 per square feet. Office
buildings at similar locations in Beijing presently carry a transaction
price of between HK$2,500 and HK$3,000 per square feet, and HK$25 to HK$35
per square feet per month in rental; while the monthly rental of shop
spaces averaged between HK$40 and HK$45 per square feet.
Ms Vanessa Fan, the Group's Managing Director, concluded: ''With the
liberalisation of China's economy and the advent of the 2008 Olympics
Games, the Group expects the Beijing property market to continue to grow as
demand for retail space and offices surges.
''Our prime ultra-modern project, which will be at one of the locations
most frequented by tourists, expatriates and locals will generate steady
and lucrative returns for the Group,'' Ms Fan said.
About Emperor International Holdings Limited
Emperor International Holdings Limited is an investment holding
company, which is principally engaged in property development and
investment business. Its subsidiaries are also engaged in hotel and
financial and brokerage services operations.
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