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3 Jun

New World China Land taps into Anshan property market

New World China Land Limited ("NWCL" or "the Group", Hong Kong stock code: 917) further expands its investment in Liaoning, following the success of acquiring the land development concession of the site, north of Lincheng Street in Qianshan District High-Tech Industrial Zone in Anshan, Liaoning in last October. On 29 May, 2008, NWCL signed the Land Lease Agreement with the Anshan Municipal Government, with the total premium amounts to RMB 399.8 million. The land, with an area of 228,000 sq m, will be developed into a middle to high-end residential area and is expected to be a new landmark in the Gaoxin area of Anshan. 

Mr Adrian Cheng, Executive Director of NWCL said, "The investment marked the brand-new entry of NWCL to the Anshan market. As the largest HK-based developer entering the Anshan market, NWCL will definitely bring its mature property development experience to the area. We hope that we will help boost the economic development of Anshan in the years ahead." The Group will also make use of the excellent development environment there, to build up a beautiful "Steel Capital". The project is the second important investment of New World Development Company Limited ("NWD", Hong Kong stock code: 17) in Anshan, after its first investment through its listed company New World Department Store China Limited ("NWDS", Hong Kong stock code: 825). Its first Anshan store was opened in 2007. 

Anshan is located in the central-southern part of Liaoning Province. With its eastern, western, southern and northern parts adjacent to Qianshan, Liaohe Plain, the coastal city Dalian and provincial capital Shenyang respectively, Anshan has a prime location and is the transportation hub of Dalian - Shenyang - Harbin. With comprehensive train and highways network, only one to two hours is needed for travelling to and from Shenyang and Dalian. Total area of Anshan is 9,252 sq km, and the population is 3.58 million. It governs one city, two counties and four districts, and is famous for its iron and steel. It is therefore named as the "Steel Capital".