[For Immediate Release]
(Hong Kong, December 11, 2001) - Sinolink Worldwide Holdings Limited ('Sinolink') (stock code:1168) won a premier landlot for RMB 780 million (amounts to HK$ 729 million) in the Shenzhen Land Auction held at Shenzhen City Hall on 6 December 2001. This is the only land plot (Lot No. T207-0026) to provide a full sea view, among the other plots of land offered at the auction.
The largest ever premier land auction in Shenzhen, which captured the attention both of Hong Kong and Shenzhen developers, was held at Shenzhen City Hall at 3:00 p.m. on 6 December 2001. Three lands, Lot No.T207-0035, T207-0034 and T207-0026, which were located at the reclaimed land in Shenzhen Bay (also known as Red Tree Bay), were offered for sale. Lot No.T207-0026 was the last lot offered for bidding after the first two lots, with comparatively less attractive locations and views were sold. Sinolink subsequently won the bid for the premier water-front Lot No.T207-0026 after zealous bidding among developers, for a total of RMB 780 million.
Mr. Ou Ya Ping, Thomas, Chairman and Managing Director of Sinolink commented that the purchase price of RMB 780 million was lower than expected. He said, "Reclaimed land in Shenzhen Bay is regarded as prime Shenzhen property as it is surrounded by panoramic views, with the Sha He Golf Course in the west, the tourist attractions 'Window of the World' and 'Cultural Village' in the north, lake-view and theme park in the east, and Shenzhen Bay in the south, providing panoramic sea views. In addition, the total site area for all the reclaimed land at Shenzhen Bay is 2.9 sq.km, however, its plot ratio is less than one and its green coverage rate is as high as 70%, this is the best residential land in Shenzhen city. Considering the high growth rate of the Shenzhen economy, land of a similar high quality will surely not be available at the same price in the future."
With respect to transportation in the area, there will be two exits for Shenzhen's subway route No.2. Also, the construction of Shenzhen-Hong Kong Western Crossing is expected to be completed in 2005, which will provide additional convenient access from Hong Kong to Shenzhen city. These factors have also boosted the potential of value of this premier land in Shenzhen.
Additionally, situated near the reclaimed land area in Shenzhen Bay, there has been a surge in demand for quality homes, stimulated by the rapid growth of high technology companies in Shenzhen and the influx of overseas high technology companies. This land will help to fulfill the needs of those with high incomes who demand a quality lifestyle.
Mr. Ou continued, "I bore one thing in mind when developing Sinolink Garden, to build ideal homes for families from Hong Kong and Shenzhen, who can afford a higher quality life-style, with the best planning, the best materials and the best designs. I will be carrying this philosophy forward to the development of this new piece of land."
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 Residences", " '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 Certification 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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