Ying Li: acquired a commercial development site in China's Chongqing city for RMB 697m. The 100k sqft site will be developed into 970k sqft of grade A office space and 430k sqft of high-end retail space. The site is located in the Jiefangbei CBD and is part of the Chongqing municipal govt’s RMB 600bn plan to redevelop the city centre into a financial hub. Expected completion by end-2013. Project likely to be financed in part by recently acquired US$200 credit facility…
Mgt optimistic that demand for office space should strengthen, as more MNCs and large domestic corporations set up offices in the district, on the back of China’s “Go West” policy. News of expansion is welcome following poor recent 2Q10 results, and subsequent analyst downgrades. Street views mixed, with 2 buys, 1 sell, 1 hold. Street target prices range $0.33-0.91.
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