Weifang, People’s Republic of China, 06 July 2011
Though the official presale will start within the next 30 days, Euro Asia Premier Real Estate Company Limited (ISIN: VGG3223A1057, ISIN: VGG3223A1131) has received broad interest for its China Agricultural Machinery Marketing Center project in Weifang. Site preparation and construction continue as scheduled and the outer structure was finished ahead of time on May 26th, Euro Asia has alreadyreceived commitments from potential purchasers for 50% of spaces for Phase 1.1.
Phase 1.1 consists of two blocks with a total of 16,305 m2 GFA over four floors, with the two lower floors for commercial use and upper two floors as office space. Euro Asia has received intention of purchase statements for nine units or approximately 2,500 m2 with an average price of approximately RMB 5,600 (€ 588) per m2. The Company has received refundable deposits of RMB 4.5 million (€ 0.47m) for the reservation of the units and expects further pre-payments of RMB 9.5 million (€ 1m) before the end of the year. In order to be ready to apply for sales permit, the public notice of completion of the project will require an additional 8 to 10 days, and government permits are expected to be received by the end of July to mid August.
Patrick Chan, Vice Chairman for Euro Asia, stated, “We are budgeting 80% of commercial space and 50% of office space to be sold by the end of the year. Gross revenue from the sale of phase 1.1 should reach close to RMB 80 million (€ 8.4m). In the meantime, we are planning the next stage of the project – phase 1.2 – three two-story buildings. Details will be announced once development permits are received. Construction of phase 1.2 is scheduled to commence by the end of 2011.”
* Conversion rate: RMB 1 = Euro 0.105
About Euro Asia
Euro Asia is a BVI registered company, active in real estate development in the Shandong area of the People’s Republic of China. The Company operates locally through its subsidiaries, jointly owned with SNI, a leading local development company. Generating leasing revenues from a number of commercial properties, the Company has a number of other projects under development. By utilizing its strong local network to banks, political decision makers, land owners and other developers, the Company intends to grow its position in the region prior to moving into other prefecture-level cities.