(9 Dec 2016 – Hong Kong) China Aoyuan Property Group Limited (“Aoyuan” or the “Company”, Stock Code: 3883), a renowned property developer in China, is pleased to announce that the Company has successfully acquired the entire equity interest in a quality commercial and residential project in Foshan, Guangdong Province, for a total consideration of RMB460 million. The project has a total GFA of approximately 158,000 sq.m., representing an average land cost of approximately RMB2,912 per sq.m.. 

 

The project is well located at the north of Nanhai District, Foshan, adjacent to the arterial Chantan Road. Enjoying easy access to public transportation, the project is only two kilometres away from the entrance of Foshan Ring One Expressway, and is only a 20-minute drive and a 35-minute drive away from the city centre of Foshan and Guangzhou, respectively. The project offers a nice living environment as it is in close proximity to Nanguo Taoyuan Tourism Resort, which is well known as one of the Best Eight Scenic Spots in Foshan, as well as an international standard 27-hole Taoyuan Golf Course. It is also served by comprehensive amenities including schools, shopping malls and a bus terminal. 

 

Aoyuan’s management commented, "The economy of Foshan is strong with economic performance ranked third following Guangzhou and Shenzhen in Guangdong Province. In recent years, following the enhancement of the transportation network, the integration of Foshan and Guangzhou has accelerated with an aim to establish a metropolitan area where resources can be complemented to support a consolidated economic strength. The acquisition will further create synergy with the existing projects in Foshan as well as optimize Aoyuan’s strategic layout in the Pearl River Delta Region. Looking forward, Aoyuan will maintain its diversified land acquisition strategy and strengthen its strategic landbank distribution, so as to facilitate its sustainable business development, thus delivering excellent returns to its shareholders and investors.