China HGS Real Estate Inc. (NasdaqGM: HGSH)
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China HGS Begins Construction on Oriental Mingzhu Residential Project
5/8/2012 7:45:00 AM
HANZHONG, China, May 8, 2012 /PRNewswire-Asia/ -- China HGS Real Estate Inc. (NASDAQ: HGSH - News) ("China HGS" or "the Company"), one of the largest residential and commercial property developers in China's southern Shaanxi Province, today announced that it has entered the construction phase for its Oriental Mingzhu residential project in downtown Hanzhong.
Oriental Mingzhu is centrally located in the heart of Hanzhong and offers apartments to a wide range of residential buyers. When completed, the development is expected to consist of 12 residential towers, encompassing 62,700 square meters of land usage. Zoning plans approved by relevant PRC authorities include building plans of 261,000 square meters, of which 211,000 square meters will be above ground and another 50,000 square meters will be underground parking. Total investment is estimated to be RMB 800 million of which RMB 197 million has been paid as of April 30, 2012.
"Oriental Mingzhu is an important project that HGS has been carefully planning for the last two years," stated Mr. Xiaojun Zhu, Chairman and Chief Executive Officer of China HGS. "We are glad the construction phase has successfully began. In the next few years, we believe the real estate market in Hanzhong and the surrounding region will continue its strong growth. We will methodically allocate capital and resources according to plan and strive to make Oriental Mingzhu our next home run."
About China HGS Real Estate Inc:
China HGS Real Estate Inc., through its wholly owned subsidiary, Shaanxi Guangsha Investment and Development Group Co., Ltd., has specialized since 1995 in real estate development in China's third-tier and fourth-tier cities. The Company's real estate properties include multi-layer, sub-high-rise, and high-rise apartment buildings. The Company possesses the national Grade-I real estate qualification and was ranked as the No. 1 property developer in Hanzhong, Shaanxi Province in terms of market share in 2007, 2008, 2009, 2010, and 2011 successively.
This press release contains certain statements that may include 'forward-looking statements'. All statements other than statements of historical fact included herein are 'forward-looking statements'. These forward looking statements are often identified by the use of forward-looking terminology such as 'believes,' 'expects' or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Mr. Randy Xiong, Deputy GM
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