China NewTown: Annouced that its subsidiary, Chengdu Shanghai Real Estate Co. has formally entered into a Land Use Right Transfer Agreement with Chengdu Pi County Land, in relation to the acquisition of the land use right for the land block comprising the 2nd, 3rd and 4th land parcels of the Sanguan Village in Pi County of Chengdu, with a total consideration of Rmb446.53m….
The land use right for the land block was acquired through a successful bid in a public auction process and covers a site area of 90,981.84sqm, has a gross floor area of 225,000 sqm will be used for mixed use of residential property and public facilities. Payment of land transfer price will be funded using internal resources and bank borrowings….
Technically, see near term resistance at $0.14 (Recent High) and support at $0.125 (Recent lows). We note that at current price, grp trades at an estimated 0.7x FY11E P/B.
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