Property development and Property investment

 

With the recently announced proposed acquisition of a new real estate development project, the Group is expected to have 3 property development projects in the PRC; one is held in our 25% owned associated company, another is held in one of our subsidiaries and the newest to be acquired one with 35% is to be held as an associate company (if completed). At the moment, one of the development projects is coming to an end with the respective partners are now actively working on the sale of the final few remaining residential and commercial units; meanwhile planning and construction developments are in progress for the latter two projects fore-mentioned. The Group remains to hold 2 residential properties for investment purpose in Hong Kong. Both have been successfully leased out providing the Group with stable assets foundation and returns.