November 15, 2010, Hong Kong － Fantasia Holdings Group., Limited (“Fantasia” or “the Company”, HKSE stock code 1777) announced that the Company was the successful bidder for two plots of land in Tianjin with a total land area and gross floor areas of 542,319, 180,632 and 180,914 square meters respectively, paying a total consideration of RMB623 million. Located on the eastern side of Zhuzhuang Jinji Railway, the two plots of land are also identified as Jianwu (link) (津武（挂）) 2010-156 and 2010-157. As of November 15, the Company’s total land bank amounted to 14.27 million square meters.
The land acquired by Fantasia are urban residential by nature of use with a green space ratio of no less than 40%, and are to be developed by the Company into boutique upscale residences that are of high quality and low density. As a major new hub on the artery of the Beijing-Tianjin urban growth frenzy, the Wuqing District of Tianjin is poised to be transformed into a community embracing hi-tech industry, modern logistics infrastructure and green and quality city living. Located on the intersection between Beichen and Wuqing Districts, a natural scenic beltway, the land won today also boasts easy access to transportation including multiple water ways.
The land cost, at approximately RMB1,149 per square meter of floor area planned, is at a level that should allow the Company to achieve promising investment returns. In comparison, the land cost per square meter of floor area planned was RMB1,624.5 in 2009, with the cost topping RMB2,125 per square meter this year. Once again, this fully demonstrated Fantasia’s core business principal of applying prudence and cost-effectiveness to land acquisitions.
Following the successful launch of Tianjin future Plaza known as the Meijiang the “ecological living” area in Tianjin’s Hexi District, the Company purchased East River Road in the same in May for the development of an urban residential complex with additional space earmarked for creative industries. Today’s winning bid showcased Fantasia’s optimism and belief of the vast potential in the Tianjian real estate market, and exemplified the Company’s commitment to expand business in the city. As a signature of Fantasia’s boutique and upscale residences, properties to be built on the newly acquired land marked the coming-of-age of Fantasia’s business growth in Beijing and Tianjin, and its strengthened ability to offer customers with quality products and services with a growth focus on the four key regional markets.
Mr. Pan Jun, the Chairman and Chief Executive Officer of the Company commented: “We have always prioritized Tianjian as one of core cities within our key strategic zones, and along the years we have proactively searched and negotiated for plots of land that can truly showcase our expertise and unique character. I am very delighted that through the successful bidding today, we have further expanded holdings in the Beijing-Tianjin region with a solid grasp of the opportunity to grow even stronger in the region.”