公司新聞
Company News
Company News

CNQC Acquires the Land Parcels Situated at Yau Tong Marine Lots to Officially Start its Property Business in Hong Kong

Updated Date: 2018-10-31

 

CNQC International Holdings Limited (Incorporated in the Cayman Islands with limited liability)

(Stock code1240.HK)

 

CNQC Acquires the Land Parcels Situated at Yau Tong Marine Lots to Officially Start its Property Business in Hong Kong

 

l Acquired the land parcels situated at Yau Tong Marine Lots for a total consideration of HK$530 million to officially start its property business in Hong Kong, which is an important milestone for the Group’s development

l Leveraging on the experiences of construction business in Hong Kong and property business in Singapore, the development of Hong Kong property projects will create significant synergies

l The Group will continue to identify land parcels in Hong Kong to further explore the Hong Kong real estate market

 

(31 October 2018 - Hong Kong and Singapore) CNQC International Holdings Limited ("CNQC International," "the Company," together with its subsidiaries, collectively "the Group”, stock code: 1240.HK), a leading property developer and contractor in Singapore, is pleased to announce the acquisition of the land parcels situated at Yau Tong Marine Lots for a total consideration of HK$530 million, the Company started its property business in Hong Kong.

 

An indirect wholly-owned subsidiary of the Company incorporated in Hong Kong, entered into a sales and purchase agreement with an independent third party for the acquisition of the land parcels situated at Yau Tong Marine Lot No. 58 and 59 and the extensions thereto for a total consideration of HK$530 million on 4 September 2018, the total site area of the lots and its extensions to the harbour are approximately 17,400 sq.ft. and 5,400 aq.ft. respectively. The maximum plot ratio of the Land Parcels is 5 and the Land Parcels are designated for the development of a comprehensive development area. The Acquisition was completed on 31 October 2018.

 

Mr. Wang Congyuan, Chief Executive Officer of CNQC, said: “the Group has been focusing on the property development in Singapore and Southeast Asian countries, and operating the construction business in Hong Kong for many years, the Acquisition of the land parcels situated at Yau Tong Marine Lots and the official starting of the Group’s property business in Hong Kong are important milestones for the Group’s development.”

 

“Leveraging on the years of foundation and superstructure business in Hong Kong and the excellent property development experiences in Singapore, the development of property project in Hong Kong will create significant synergies, so as to bring ideal returns to the project and inject strong growth momentum into the Group’s business. The Group has been developing its property business in different regions with localization, the comprehensive development project will be constructed according to Hong Kong situation and the Company’s brand positioning to ensure that it can become the Group’s benchmark project in Hong Kong. The Group is optimistic about the Hong Kong real estate market, and will continue to identify land parcels to further explore the Hong Kong real estate market in the future.”