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Ying Li secures Chongqing site for $177.4m

Posted on 27 Sep 2009 | Comments Off

It will be developed into an integrated development project with high-end residential units and top-end retailers

YING Li International Real Estate has secured a prime integrated development site in Yuzhong District, Chongqing, China for 851.6 million yuan (S$177.4 million) in a government land auction.

The 28,226 square metre site will be developed into an integrated development project which will include high-end residential units and also house top-end retailers. It will involve potential collaboration with a high-end hotel or service residence operator, the Chongqing property developer said yesterday.

The project is strategically located at the prime city centre of Chongqing, within Yuzhong District, with a planned total gross floor area of over 300,000 sq m and a plot ratio of about 10.64.

Ying Li’s chief executive Fang Ming said that this acquisition will enhance the group’s presence in Chongqing and extend its footprint in Yuzhong District. Continue reading →

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Tagged China Property, Ying Li International Real Estate

Asia Food & Properties plans split, new unit listing

Posted on 25 Sep 2009 | Comments Off

MAINBOARD-LISTED Asia Food & Properties (AFP) announced yesterday that it plans to spin off its China property business into a separately listed company to handle its investments there.

The news led to frenzied trading in AFP, with 11.7 million shares changing hands as the share price soared by 25 cents, or 62.5 per cent, to close at a one-year high of 65 cents.

Under the proposed scheme, AFP shareholders will be granted shares in newly formed Singapore-listed Bund Center Group, in proportion to their AFP shareholdings.

The new company will be a China-centric property company, while AFP will focus on the South-east Asian property market.

The split will allow the companies to independently establish business strategies. This means they can effectively adapt to the different market conditions in the two regions, said AFP. Continue reading →