(21 September 2017 – 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 80% beneficial interests in a quality residential and commercial project in Jiaozhou, Qingdao, Shandong Province, for a total consideration of approximately RMB789 million. The project has a total GFA of approximately 250,000 sq.m., representing an average land cost of RMB3,945 per sq.m..
 
The project is well located in the core area of the new town district of Jiaozhou, Qingdao, Shandong Province. It is only 600 meters away from the Jiaozhou municipal government and is close to main roads and bus stations. It takes about a 30 minute-drive from the project to Qingdao Jiaodong International Airport, which is currently under construction, and an hour drive to the city center of Qingdao. The project is also in close proximity to auxiliary facilities such as schools, commercial complexes and a national AAA scenic attraction, Sanlihe Park. Jiaozhou has built a solid industrial foundation with a national economic and technological development zone. Its economy is vibrant and affluent with enormous growth potential. With a strong housing market, the current average selling price of residential properties (bare-shell) near the project is RMB13,000-15,000 per sq.m..
                                                                                             
Aoyuan management commented, “With the completion of construction of Qingdao Jiaodong International Airport in 2019, Qingdao Jiaodong Airport Economic Demonstration Zone, which focuses on high-end industries, will become the new economic growth engine in the region. This acquisition will strengthen the Group’s strategic footprint in Bohai Rim. Based in Guangdong, Aoyuan focuses on the development of Guangdong-Hong Kong-Macau Big Bay Area. The Group will continue to gradually implement its geographical diversification strategy so as to enhance its su