| [For Immediate Release] |
(14 March 2010 - Hong Kong) C C Land Holdings Limited ("C C Land" or the"Company", together with its subsidiaries, collectively known as the "Group"; stock code: 1224) is pleased to announce today that its "Verakin Le Charme" Project (the "Project") in Chongqing, received overwhelming responses on its grand sales launch on 8 March 2010. All the residential units for the project comprising 492 units were launched for sale, of which 412 units were sold on the first day of launch. The take-up rate was over 83%. The average selling price ("ASP") based on gross floor area ("GFA") was about RMB 4,300 per sqm.
The "Verakin Le Charme" Project was acquired by the Group in February 2010. It is located in the Nanmenshan region, Fuling District, in Chongqing, with a GFA of approximately 67,000 sqm with total areas of 43,000 sqm and 24,000 sqm designated for residential and commercial development respectively. The Project consists of 2 floors of underground carparks, a podium with 4 floors for retail use, plus two 26-storeyed towers for residential purposes. Leveraging the project's convenient location and quality, 412 units with a GFA totalling about 37,000 sqm were sold, generating subscription sales of approximately RMB160 million on the first day. The Project is expected to be completed in Year 2011.
Commenting on the successful grand launch of "Verakin Le Charme", Dr. Peter Lam, Deputy Chairman and Managing Director of C C Land, said, "The successful launch of the Project confirms the Group's ability to identify ongoing projects with great upside potential as acquisition targets. Expansion of the Group by acquisition of ongoing projects shortens the investment period and increases the asset turnover of the Group. We will continue to look for such acquisition opportunities for future expansion."
C C Land Holdings Limited
The "Verakin Le Charme" Project in Chongqing
received overwhelming responses with take-up rate of over 83% on the first day of launch
Subscription Sales reached approximately RMB160 million
14 March 2010 / Page 2 / 2
About C C Land
C C Land is principally engaged in the property development business in Western China. It has a total land bank of about 10.4 million sqm in terms of GFA and about 8.1 million sqm in terms of attributable GFA, spanning key Western China cities including Chongqing, Chengdu and various other cities in Sichuan and Kunming. Capitalizing on its management expertise, quality land banks, and solid financial position, C C Land is well positioned to develop into one of the leading property developers in Western China. The Company is a constituent stock of Hang Seng Composite Index Series and Hang Seng Free-float Index Series.
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