(10 September 2009) China Overseas Land and Investment Ltd (“COLI” or the “Company”, stock code: 00688) announced new land acquisition in Changfeng Business District in Shanghai (Changfeng 6B &7C land lots) at RMB7.0 billion.
Situated in Changfeng Business District of Putuo District, Shanghai, the 142,108 square meters of land will develop into high end quality residential project for GFA 393,500 square meters.
The project is located in the core area of Shanghai city. The acquisition of the land lots is in line with COLI’s overall development strategy, brand positioning and high-end product strategy in Mainland China. COLI sees the great potential value of this project due to its scarcity with such size in Shanghai core district. The district where the project locates lacks such high-end residential projects. The strong scarcity of the project leads to a great potential of value appreciation. The company considers the land premium paid for the land lots is reasonable, comparing with current selling prices of surrounding similar projects. COLI plans to build the land lots into high-end quality project in Central-Shanghai.
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