Central China (00832) to buy sites in Zhengzhou & Xinxiang

    Central China Real Estate (00832) said it agreed to acquire 80% equity interest in Zhengzhou Ansheng Geological Culture Development Limited at Rmb203 million.
  Zhengzhou Ansheng is principally engaged in the property development on a parcel of land located in Zhongmou Xian, Zhengzhou City, Henan Province with a site area of 65,032.7 square metres. The land is planned for culture and entertainment purposes. The land will be developed into a cultural exhibition project and will produce synergistic effect with the property development on the lands owned by Zhengzhou Anyong. It is anticipated that these will make a substantial contribution to the Group's profit upon completion of development.
  Central China also agreed to acquire 85% equity interest in each of Henan Shahao Real Estate Development Co., Ltd and Henan Yuxuan Real Estate Development Co., Ltd. at Rmb99.87 million and Rmb40.16 million.
  The project companies are principally engaged in the property development on three parcels of land located in Xinxiang City, Henan Province with site area of 62,027 square metres, 107,267.2 square metres and 136,314 square metres. One of the sites is planned for wholesale, retail and residential uses and the other two sites are designated for commercial and
residential purposes. The sites will be developed into a residential and commercial project.