China Real Estate Opportunities Ltd
21 January 2008
China Real Estate Opportunities ("CREO" or the "Company")
Further Qingdao Marina Expansion
The Board of CREO is pleased to announce that, with Shanghai Industrial
Investment Corporation ("SIIC"), the real estate investment arm of the Shanghai
Municipal Government, it has acquired two sites in Tangdao Bay, Qingdao,
adjoining the Company's existing development site, which was part of the initial
portfolio acquired by CREO in 2007. Qingdao is the site of the sailing events
for the 2008 Beijing Olympics.
The development is situated in a prime waterfront location within Huangdao, a
rising urban and leisure zone south of the Qingdao Central Business District,
with which it is soon to be directly linked via a tunnel under Jiaozhou Bay,
with an estimated travelling time of less than 20 minutes.
CREO envisages the site as an integrated marina-based leisure resort with
significant retail and residential elements for the increasing number of
visitors and second home owners attracted by Qingdao's status as an exceptional
tourist destination.
The plan is to develop the three sites as a single integrated project, with the
completed development having a total gross floor area of 430,167 square metres,
comprising residential, retail and hotel components with an estimated completion
value in excess of RMB 5.5 billion (GBP360 million).
CREO's acquisition cost for its 50 per cent. interest in the two sites will be
approximately £14.1 million, consisting of site acquisition, design,
pre-development and infrastructure costs. An architectural firm has been engaged
for the first phase of the development, with work expected to commence during
2008.
Commenting on the acquisition, Richard David, Managing Director of Treasury
Holdings China Limited, CREO's investment manager, said:
"This latest acquisition reaffirms CREO's strong commitment to both its
partnership with SIIC and the Qingdao market. With the infrastructure progress
being made in Qingdao, and with the 2008 Olympics as the back-drop, CREO is
optimistic about its latest acquisition, which will complement the original
development."
Enquiries to:
CREO
Ray Horney, Chairman
Tel: + 44 (0)1273 775 225
Landsbanki Securities (UK) Limited
Tel: + 44 (0)20 7426 9000
Paul Fincham
Jonathan Becher
Robert Naylor
Bankside Consultants Ltd
Tel: + 44 (0)20 7367 8888
Simon Rothschild
Oliver Winters
Murray Consultants
Ed Micheau
Tel: + 353 1 498 0300
This information is provided by RNS
The company news service from the London Stock Exchange
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