(20 May 2008) China Overseas Land and Investment Ltd (hereinafter referred to as “COLI” or the “Company”, HKSE code: 0688) announced that the 8-magnitude earthquake occurred in Wenchuan county, Sichuan Province on 12 May 2008 did not have great impact on its property development projects in mainland China.
After the occurrence of earthquake, Chengdu Company, Chongqing Company and X’i’an Company immediate organized various departments and supervisory units to carry out safety inspections on the Company’s under-development projects in the three regions. As the earthquake resistance building requirements are fully considered and incorporated in the design and construction stages, which follow strictly to the national and statutory standards, the impact of the earthquake on the property developments was minimal. The construction progress and the livelihood of the residents were not seriously affected.
For the Chengdu projects, there was minimal influence on the under-development projects including Dragon Peninsula, International Community, Chui-Ping Wan, Orchid Garden. The construction work of Cheng-nan project has not been commenced yet and therefore was not affected by the earthquake.
For the Chongqian projects, there was no influence on the under-construction project of One North Riviera and the recently-commenced Danzishi Project and the Jiangbei CBD project which has not yet commenced construction.
International Community, the currently under-construction project in Xi’an, was not greatly affected by the earthquake.
As instructed by the local government, all construction works in Chengdu areas are currently suspended until safety inspections be fully conducted. The construction works in Chongqing and Xi’an areas are progressed as scheduled. COLI stated that the construction progress and the sales and marketing activities of all the development projects in the three regions will be progressed as planned
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