21st Jan 2008 08:44
China Real Estate Opportunities Ltd21 January 2008 China Real Estate Opportunities ("CREO" or the "Company") Further Qingdao Marina Expansion The Board of CREO is pleased to announce that, with Shanghai IndustrialInvestment Corporation ("SIIC"), the real estate investment arm of the ShanghaiMunicipal Government, it has acquired two sites in Tangdao Bay, Qingdao,adjoining the Company's existing development site, which was part of the initialportfolio acquired by CREO in 2007. Qingdao is the site of the sailing eventsfor the 2008 Beijing Olympics. The development is situated in a prime waterfront location within Huangdao, arising urban and leisure zone south of the Qingdao Central Business District,with which it is soon to be directly linked via a tunnel under Jiaozhou Bay,with an estimated travelling time of less than 20 minutes. CREO envisages the site as an integrated marina-based leisure resort withsignificant retail and residential elements for the increasing number ofvisitors and second home owners attracted by Qingdao's status as an exceptionaltourist destination. The plan is to develop the three sites as a single integrated project, with thecompleted development having a total gross floor area of 430,167 square metres,comprising residential, retail and hotel components with an estimated completionvalue in excess of RMB 5.5 billion (GBP360 million). CREO's acquisition cost for its 50 per cent. interest in the two sites will beapproximately £14.1 million, consisting of site acquisition, design,pre-development and infrastructure costs. An architectural firm has been engagedfor the first phase of the development, with work expected to commence during2008. Commenting on the acquisition, Richard David, Managing Director of TreasuryHoldings China Limited, CREO's investment manager, said: "This latest acquisition reaffirms CREO's strong commitment to both itspartnership with SIIC and the Qingdao market. With the infrastructure progressbeing made in Qingdao, and with the 2008 Olympics as the back-drop, CREO isoptimistic about its latest acquisition, which will complement the originaldevelopment." Enquiries to: CREO Ray Horney, ChairmanTel: + 44 (0)1273 775 225 Landsbanki Securities (UK) LimitedTel: + 44 (0)20 7426 9000Paul FinchamJonathan BecherRobert Naylor Bankside Consultants LtdTel: + 44 (0)20 7367 8888Simon RothschildOliver Winters Murray ConsultantsEd MicheauTel: + 353 1 498 0300 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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