HONG KONG, CHINA - Media OutReach - 3 July 2017 - CIFI Holdings (Group) Co. Ltd. ("CIFI" or the "Group", HKSE: 884), one of the top 20 real estate developers in China, has signed agreements with Henderson China Properties Limited ("Henderson China") to jointly develop two high-quality residential property projects in Luzhi and Xukou, which are both located in the Wuzhong District of Suzhou, Jiangsu Province, China. Estimated value of the total saleable resources of the two high-quality residential property projects is RMB4.5 billion.
The project in Luzhi, Suzhou, Jiangsu Province, China has a total planned gross floor area of 42,863.7 square metres (sq.m.) and an average land cost of approximately RMB12,731 per sq.m. CIFI will have 51% equity interest in Luzhi project with a total attributable investment (including land, construction and other costs) of RMB465 million.
The project in Xukou, Suzhou, Jiangsu Province, China has a total planned gross floor area of 121,279.5 sq.m. and an average land cost of approximately of RMB11,893 per sq.m. CIFI will have 49% equity interest in Xukou project with a total attributable investment (including land, construction and other costs) of RMB1,130 million.
Mr. Lin Zhong, Chairman of CIFI, said, "Henderson China is CIFI's important and long-term strategic partner. The two companies have in the past jointly developed property projects in Shanghai, Suzhou, Changsha and other cities. CIFI is pleased to cooperate with Henderson China again. CIFI will continue with its strategy of jointly developing property projects with well-known, sizeable developers. This will enable it to reap benefits of synergy, diversify its financial exposure,and generate higher returns to shareholders and business partners."
About CIFI Holdings (Group) Co. Ltd.
Headquartered in Shanghai, CIFI is one of China's top 20 real estate developers. CIFI principally focuses on developing high-quality properties which target the end-users in first- and second-tier cities in the country. CIFI develops various types of properties, including residential flats, office buildings and commercial complexes.
To learn more about the Company, please visit CIFI's website at: http://www.cifi.com.hk