Fantasia acquires competitively-priced land in Tianjin

Fantasia acquires competitively-priced land in Tianjin


May 19, 2010, Hong Kong - Fantasia Holdings Group Co., Ltd. (hereinafter referred to as "Fantasia" or the "Company"; Stock code 1777) announced that the Company was the successful bidder for a piece of land in Tianjin with a total land area and gross floor area of 15,408.9 and 64,226.7 square meters respectively, paying a total consideration of RMB 116.6 million.  Located on the southern side of East River Road in Tianjin Hexi District, this land, also identified as Jinxi Chentang (link) (津西陈塘(挂)) No. 2010-076, is set to be developed into an urban office complex with additional space earmarked for creative industries.


Located in the heart of Tianjin, with easy transport access and well developed peripheral facilities, the site is the only large-scale commercial property area available for development in the city.  Development of this site is a key priority for the district government, as the area is being positioned within Tianjin’s future strategic development plan as an integrated center combining municipal offices, a cultural and arts hub, a base for creative industries, a commercial office center, as well as  pleasant and comfortable residences.


The land cost, at approximately RMB1815 per square meter of floor area planned, is at a level that should allow the Company to achieve promising investment returns.  The prudent and cost-effective acquisition of land such as this site, is in line with the Company's core business principles.


Following the successful development of Tianjin Future Plaza, located in a large scale complex known as the Meijiang "Ecological Living" area in Tianjin’s Hexi District, the purchase of this new parcel further strengthens Fantasia’s position in Tianjin as a large scale urban complex development specialist.  Mr. Pan Jun, Fantasia’s Chairman, CEO and Executive Director, reaffirmed that Tianjin has always been of core strategic importance to Fantasia.  The Company is optimistic about the huge market potential of Tianjin’s real estate market and will continue to expand its holdings there.