HONG KONG, March 21, 2011 /PRNewswire-Asia/ -- Management of Hengli Properties Development (Group) Limited (the "Company" or "Hengli", stock code: 169) attended the commence ceremony "Hengli.Wangfujing" today to mark the commence of cooperation between the Company and Beijing Wangfujing Department Store (Group) Co., Ltd. ("Wangfujing Department Store"). Xi Qiyuan, Secretary Fuzhou Municipal Party Committee and Yang Yimin, deputy mayor of Fuzhou City have attended the ceremony along with other officials of the PRC government.
Hengli's subsidiary has previously entered into a long-term lease agreement with Wangfujing to lease the 8-story commercial podium of Hengli City, one of the Company's projects. Hengli City located in the financial district of Fuzhou, Fujian Province, PRC with a total grow floor area of around 241,600 sq.m. The property is being developed into a residential, office and retail complex and is expected to complete in the second half of 2011.
Commenting on the ceremony, Mr. Chen Chang Wei, Chairman of Hengli, said "we are honored to have Mr. Xu and Mr. Yang with us today, which indicates the support of Hengli's development in the region from the government. The PRC government has positioned Fujian Province as Strait West Coast Economic Zone which gives the real estate industry in Fuzhou City, as the capital city of Fujian Province, a huge potential. With our existing projects in the region, and the new land that we acquired in Gulou, we believe it would enhance our strength and market position in Fuzhou financial zone, as well as the future business expansion of the Company."
Hengli has previously acquired the land use right of a land in Gulou District of Fuzhou city, in a bidding process held by Fuzhou Land and Resources Bureau at a price at RMB1,200,000,000. The land takes up an area of 42,125sq.m and is designated to develop high-end commercial properties with residential buildings projects. Located at north of the Bei Er Huan Road and east of Fu Fei Road, it is near the Wusi commercial district and the government of Fujian province with well connected transportation. With the Company's other projects in Gulou Disctrict, namely, Hengli City, Hengli Financial Centre and Hengli Chuangfu Centreu, development of the land will benefit from the allocation of resources and create a synergy effect.
About Hengli Properties Development (Group) Limited
Hengli Properties Development (Group) Limited is listed on the main board of the Stock Exchange of Hong Kong Limited (stock code: 169). The Company is principally engaged in the sales and development of property projects, as well as the investment of commercial properties. Currently the key projects of the Company are in Gulou District of Fuzhou city, a Strait West Coast Economic Zone. The Company owns Hengli City, Hengli Financial Centre and Hengli Chuangfu Centre.
