Land bank reaches approximately 15 million square meters
December 23, 2010, Hong Kong － Fantasia Holdings Group., Limited (“Fantasia” or “the Company”, HKSE stock code 1777) announced that the Company successfully acquired a plot of commercial land identified as XDG-2008-08 in Wuxi from Jiangsu Dongfa Property Co. Ltd, for a total consideration of RMB 70million. The total land area and gross floor area are approximately 12,789 square meters and 83,128 square meters respectively. The cost of planned floor area is equal to approximately RMB 842 per square meter, which is significantly lower than similar land in this region.
Regarded as the cradle of China’s national industries, Wuxi also plays a central role in deepening economic development into rural areas in the Yangtze River Delta region. The newly acquired land is located on the western side of Yinxiu Road in the scenic Binhu District and the southern side of Torrington Bearing Company within Liyuan Development Zone. This development zone is planned to attract businesses in industrial design, software research and service outsourcing. The close proximity to Wuxi’s future administrative center is credited to the potential commercial viability of this piece of land.
Fantasia’s property development portfolio is strategically distributed across four of China’s most economically prosperous regions, namely the Chengdu-Chongqing Economic Zone, the Pearl River Delta, the Yangtze River Delta and the Beijing-Tianjin metropolitan area. Adhering to a prudent land acquisition principle, the Company strategically acquired lands in Wuxi, Suzhou, Dali, Guilin and Nanjing with competitive land costs since its IPO. Following the entry into the Nanjing property market on 12th of this month, Fantasia has further enhanced its position in the Yangtze River Delta by its new acquisition which has brought the Company’s total land bank to approximately 14.4 million square meters.
Mr. Pan Jun, the Chairman and Chief Executive Officer of the Company commented: “Fantasia has always placed a great amount of focus on commercial property development. The urban complex has become the Company’s core product. We will leverage our experiences in commercial property and LOFT development into Wuxi and Nanjing, to further enhance our competitive advantages in the Yangtze River Delta region”.