Real estate restrictions fail to spoil rollout
Monday, 18 September 2006

New World China Land (0917) said it will roll out its newest batch of luxury apartments in Beijing this month, shrugging off concerns over tightening measures in the real estate sector.

New World China Land chairman Henry Cheng Kar-shun said in Beijing Saturday that cooling measures targeting real estate will not dampen sales of its Beijing project.

The company plans to launch the latest phase of Roseburg, featuring eight blocks with 264 units. Five blocks will be leased and the remainder will be sold at an average price of about 18,500 yuan (HK$18,119) per square meter.

Chow Tai Fook Group, the privately held enterprise of NWD chairman Cheng Yu-tung, also plans to offer units for sale in Shadow Creek, in Beijing's Tianzhu district, this month.

The project consists of 176 luxury villas offering a total floor area of 163,500 sqm. The selling price is expected to be around US$6,000 (HK$46,800) per sqm.

The two projects are to be launched in stages and aim to bring in up to 10 billion yuan for the company.

The progress of the company's plans to set up a real estate investment trust in the mainland has been slow as a result of difficult market conditions.

The company will speed up construction work on projects as government measures have stated that land lying idle and undeveloped for two years, will have their permits revoked.


Edwina Baniqued