ebulletin

September 1, 2013
Aoyuan launched large-scale integrated project in Luogang

China Aoyuan Property Group Limited, a Hong Kong public listed company recently announced that the group made the second move of its kind within the month of August, acquired two commercial and residential land parcels in Luogang District of Guangzhou in land auctions for RMB845 million and RMB461 million, respectively through the project company Guangzhou Luo'ao Real Estate Development Co Ltd.

The two land parcels are located on Xiangxue Avenue in Luogang District. The first parcel covers a site area of approximately 52,914 square meters and will provide a gross floor area (GFA) of approximately 211,656 sq m. The second parcel covers a site area of approximately 29,652 sq m and will provide a GFA of approximately 88,363 sq m.

The two sites, which can be developed into approximately 300,000 sq m in aggregate planned GFA, are adjacent to each other and can therefore be planned and developed as a single project to maximize the project value. The projects are earmarked to be developed into a large-scale integrated commercial and residential project.

Mr Guo Zi Wen, Chairman of Aoyuan, said, "Within the month of August, the group spent RMB2.275 billion in aggregate in acquisitions of three land parcels in Chongqing and Guangzhou. These helped further strengthen the group's land bank. Since the beginning of this year, the group entered into 8 acquisitions to acquire quality projects, most of which are located in Guangdong Province, including Zengcheng in Guangzhou, Jiangmen in Guangdong, Nanhai in Foshan, Yangjiang in Guangdong, Luogang in Guangzhou, and one in Chongqing Municipality. This year, the group has entered into a phase of rapid development. Aoyuan will continue to upgrade and be innovative in key areas including product positioning, product design, marketing and sales planning.¡±