Weifang, People’s Republic of China, 12 July 2010
Euro Asia Premier Real Estate Company Limited (“Euro Asia”, ISIN: VGG3223A1057) publishes today the completion of the building shell and roof work at it’s Training and Exhibition Center development complex in Weifang. This major construction stage was finished according to schedule. Work on the building commenced on 1 July 2009 and is expected to be completed in December 2010, and will commence operations in early 2011.
The Training and Exhibition Centre consists of a 15-storey main building and exhibition hall on the ground floor. The planned gross floor area is approximately 27,361 m². After completion, the property will be used as a 5-star hotel and conference centre. There are no other 5-star hotels in the immediate vicinity. The Training and Exhibition Centre will be operated by NIW Real Estate, Euro Asia’s operating subsidiary in the People’s Republic of China.
Chairman of the Board, Mr. Sun XiYi, stated, “We are very pleased with the fast process of the construction works. So far we have invested RMB 25 million, and hence we are also well in line with our budget of RMB 52 million or RMB 1,900 per square meter for the whole premise. We are looking forward to start operating the building early 2011 in order to generate additional cash flows for the group.”