OCT Shanghai Land was established in the PRC in 2010, principally engaged in the development, operation, leasing, property management of commercial properties, office premises, residential properties as well as culture and entertainment projects of land pieces in Shanghai, together with the operation and management of related parking lots. OCT Shanghai Land is currently developing the Suhewan project (蘇河灣項目) in Shanghai and held three pieces of lands in the north coast of Suzhou River (蘇州河), Shanghai, the PRC. The Suhewan project, located in the city centre of Shanghai, is a commercial complex development project which will include boutique business premises, apartments, high-end residential properties, as well as low-rise residential by the shore etc upon completion of the constructions. The total floor area (above ground) would be approximately 280,000 square meters upon the completion of its construction. The development of the Suhewan project is expected to be completed in 2016, and a small portion of the properties will be held by OCT Shanghai Land, thereby bringing sustainable income in the future.
The Capital Injection shall be contributed by Great Tec by phases within 2 years from the date of the approval of the joint venture contract, and the first phase of RMB900,000,000 (equivalent to approximately HK$1,111,111,111) shall be contributed by Great Tec within 30 days from the date of the approval of the joint venture contract pursuant to the Capital Investment Agreement. On 5 January 2012, the Company entered into the Loan Agreement with Overseas Chinese Town (HK) Company Limited, (“OCT (HK)”) pursuant to which OCT (HK) conditionally agreed to lend RMB900, 000,000 to the Company, which will be used as the first phase to finance the Capital Injection.
As a leading enterprise principally engaged in the design and manufacture of quality paper-based packaging containers and material, including corrugated paperboard and printed cartons, the Group has gradually developed into a comprehensive operator of commercial complex in the PRC in recent years. The Group believes that the enormous economic potential in Shanghai and favourable location of the Suhewan project will bring considerable revenue in the short run by selling properties in the Suhewan project. It is expected that stable rental will be generated in the long run by holding properties in the Suhewan project, thus broadening its income base.
Ms. Wang Xiaowen, Chairman and Executive DirectorofOCT (Asia) said, “We position ourselves as a comprehensive operator of commercial complex. The Suhewan project of OCT Shanghai Land, in which we injected our capital, is a comprehensive business project possessing distinctive features. We are confident in the prospects of the Suhewan project. The investment in OCT Shanghai Land will bring positive return, and enhance the revenue, profit and scale of the Group as a whole. Our goal is to develop OCT (Asia) as a leading operator of commercial complex in China.”
About OCT (Asia)
Overseas Chinese Town (Asia) Holdings Limited (“OCT (Asia)”) was listed on the Main Board of the Stock Exchange of Hong Kong on 2 November, 2005 (Stock Code: 03366.HK). Besides the manufacture and sales of quality paper-based packaging containers and materials, the Group has started engaging in the comprehensive operation of commercial complex since 2007, striving to become a leading operator in this area. The Group completed the capital increase in Chengdu OCT and Xi’an OCT in 2010. Shenzhen Overseas Chinese Town Co., Ltd, the Group’s ultimate controlling shareholder, was established with the exclusive initiation by Overseas Chinese Town Enterprises Company, directly under State-owned Asses Supervision and Administration Commission of the State Council and was listed on Shenzhen Stock Exchange on 10 September, 1997.
Please visit http://www.oct-asia.com for more details.
Issued by Porda Havas International Finance Communications Group for and on behalf of Overseas Chinese Town (Asia) Holdings Limited. For further information, please contact:
