Hsin Chong Cons (00404) buys Shandong sites at HK$809m

    Hsin Chong Construction (00404) said it agreed to purchase two parcels of land situated at Taishan District, Taian City, Shandong Province, with an aggregate site area of 219,982 square metres designated for commercial use at HK$809 million.
  The company advanced an interest-free loan in the principal amount of HK$233 million to Pure Benefits Limited upon completion.
  A total of 34 blocks of two-storey commercial retail outlet mall with a gross floor area of 100,360 square metres is under construction. The first phase of development targets to complete in December 2015. The operation is expected to start in the first half of 2016. The second phase of the development of the retail outlet mall will be rolled out two to three years subsequent to the completion of the first phase.
  Besides, Hsin Chong has been granted an exclusivity in negotiating the possible sale and purchase of the companies through which Estar Global holds two parcels of land situated at Taishan District, Taian City, Shandong Province, with an aggregate
site area of 219,757 square metres designated for residential use for a period of 180 days.