On 13 October 2014, the consortium comprising the Company and Modern Green Development Co., Ltd. won the bidding of land use right of the state-owned construction land including 01-02-09, 01-02-10 and 01-02-07 which were Type II residential land, mixed residential and public construction land as well as land for building nurseries respectively, located in Qianjin New Town (前進新城), Shunyi District, Beijing (the “Land Parcel”). The consideration for the acquisition of the Land Parcel amounted to RMB1,260 million which will be jointly paid by the Company and Modern Green Development Co., Ltd.

The Land Parcel is located in Shunyi District of Beijing, which is, as more specifically described, east to Shunbai Road, south to the village committee of Qianjin Village of Renhe region in Shunyi District and Beijing Jiansheng Real Estate Development Co., Ltd.* (北京建升房地產開發有限公司), west to Qianjing North Road and north to Shunsha Road. The Land Parcel occupies a site area of 77,202 square meters with gross floor area of 109,346 square meters. The construction cost of the Land Parcel is approximately RMB11,523 per square meter. Price-limited commodity housing units with gross floor area of no less than 25,300 square meters will be built on the Land Parcel and the limited selling price is fixed at RMB13,000 per square meter of gross floor area. All the residential land of 59,012 square meters will be used for the construction of self-occupied commodity housing units with a limited selling price of RMB18,000 per square meter of gross floor area and the largest unit will have floor area of no more than 90 square meters. The remaining area of the Land Parcel will be used for the construction of commercial and community ancillary facilities.

Details:OVERSEAS REGULATORY ANNOUNCEMENT