China Real Estate Opportunities Ltd
31 January 2008
FOR IMMEDIATE RELEASE
31 January 2008
China Real Estate Opportunities Limited
Update on property portfolio
The Board of Directors of China Real Estate Opportunities Limited (the
"Company") is pleased to announce the results of recent independent valuations
carried out by CB Richard Ellis on properties comprised within the Company's
portfolio. These valuations have been prepared in accordance with the "RICS
Appraisal and Valuation Standards, 5th Edition" published by the Royal Institute
of Chartered Surveyors in the United Kingdom. The valuations, which are as at 31
December 2007, relate to all of the properties held by the Company other than
two properties at Tangdao Bay, Qingdao which have only recently been acquired,
as announced by the Company on 21 January 2008.
Taken together, the valuations indicate an aggregate gross value for the subject
properties of RMB9.31 billion (£635.36 million at the exchange rate prevailing
on 31 December 2007). When the Company was launched in July 2007, based on
valuations as at 1 June 2007, the same properties were valued at RMB8.56 billion
(£566.7 million at then prevailing exchange rates) in aggregate.
The Directors would draw attention to the fact that whilst the valuation of the
Company's properties is key to the value of the Company's net assets, numerous
other factors will also be brought into account including (but not limited to)
any provision which may be made for performance fees or for actual or contingent
tax liabilities.
Enquiries to:
CREO
Tel: + 44 (0)1273 775 225
Ray Horney, Chairman
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
Tel: + 353 1 498 0300
Ed Micheau
This information is provided by RNS
The company news service from the London Stock Exchange