[For Immediate Release]
(Hong Kong, August 26, 2001) - Sinolink Worldwide Holdings Limited ('Sinolink'/ 'the Group') (stock code:1168) announced that Sinolink Garden Phase III 'Mandarin House' developed by its subsidiary Shenzhen Sinolink Enterprises Company Limited, has achieved extremely encouraging sales since commencing sales in early August this year. The first sale of 200 units has been oversubscribed and the second sale of an additional 100 units has also been completely sold out.
Sinolink Garden Phase III 'Mandarin House' offers a total of 1,288 units at sales prices ranging from HK$750 per square feet. Approximately HK$800 million in cash will be realized when all the units are sold.
Sinolink Garden Phase III, 'Mandarin House', located at Lo Wu, Shenzhen, is a well-equipped, large-scale and luxurious residential project. It has a total gross floor area of about 1,200,000 square feet and consists of seven 32-storey premium apartments with six units on each floor. Each unit ranges from 495 to 1,059 square feet with sales prices starting from HK$280,000. 'Mandarin House' features sports and a healthy life-style, and is the first large-scale residential area equipped with a grass football pitch, a swimming pool and over 40 sports amenities.
Mr. Guo Zhao Bin, Director of Shenzhen Sinolink Enterprises Company Limited, said, "We are encouraged by the outstanding sales of Sinolink Garden Phase III. Our next plan is to develop Sinolink Garden Phase IV which will be characterized by panoramic views and is tentatively being named 'City with hills and water'. The total investment is approximately RMB1.5 billion. The project is now undergoing its planning stages and we expect construction work to commence in 2002 and sales in 2003."
The total gross floor area of Sinolink Garden Phase IV will amount to approximately 5,400,000 square feet. Around 660,000 square feet will be developed into a shopping mall, 540,000 square feet for commercial use such as service apartments, while the remaining will be developed as high-rising residential buildings. Since the scale of development for Phase IV is vast, it has been identified as a 'Key Strategic Project' by the Government of Lo Wu.
Meanwhile, the Group is actively searching for quality land banks in Shenzhen and has bid for a piece of land near Da Mei Sha & Xiao Mei Sha. The Group is also exploring the property market in areas other than Shenzhen, especially Shanghai and Beijing, to capture further opportunities in the property business.
Mr. Ou Ya Ping, Thomas, Chairman and Managing Director of Sinolink Worldwide Holdings Limited, remarked, 'With China's imminent entry into WTO, the on-going implementation of economic reform, the winning of the 2008 Olympic Games bid by Beijing, together with the simplification of cross-border admission and the improvement of traffic between Shenzhen and Hong Kong, we foresee that internal and external demand for PRC residential properties will continue to increase. Leveraging these opportunities and the support of the Group's invaluable experience in property development and strong management expertise, we are confident of our future development.'
ABOUT SINOLINK WORLDWIDE HOLDINGS LIMITED
Sinolink Worldwide Holdings Limited has been listed on the Stock Exchange of Hong Kong since June 1998. With Shenzhen as its operating base, it is an investment and holding company which is mainly engaged in the development and investment of luxurious residential properties. Sinolink Garden, a large-scale residential project in Shenzhen developed by the Group, occupies a site area of 3,800,000 square feet with a total gross floor area of 10,800,000 square feet. Sinolink Garden consists of four phases, offering a total of approximately 10,000 units. Famed for its top quality, Sinolink Garden has won many awards, such as " '99 Top Ten Quality Residence", " '99 PRC National Quality Award - Silver Prize", "First Batch of Modern Residential Districts" and "National Quality Residential Community & Environment - Special Gold Prize" in 2000, among others. It was also the only residential project nominated for the Shenzhen International Garden City Contest. Additionally, Shenzhen Sinolink Property Management Co. Ltd was awarded ISO 9002 Certificate in 2000.
Apart from property development and investment, the Group also engages in the electricity generation business through the ownership and operation of the Dapeng Power Plant in Shenzhen. Panva Gas Holdings Limited (stock code: 8132), in which the Group holds approximately a 78% stake, was spun off and listed on the GEM Board of the Stock Exchange of Hong Kong on April 20, 2001.
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