HONG KONG, Feb. 16, 2015 /PRNewswire/ -- Modern Land (China) Co., Limited ("Modern Land" or the "Company", together with its subsidiaries, the "Group") (stock code: 1107), a leading real estate developer in the architectural energy-saving field in the PRC, was pleased to announce that Wuhan Moma Development Co., Ltd., an indirectly wholly-owned subsidiary of the Company, successfully acquired the state-owned land use rights of a parcel of land No. 52-03 in Units No. 01 and 02 of Jiangchuan Community in Minhang District of Shanghai, the PRC, with the acquisition price of RMB1,735 million.
The land is located in Minhang District of Shanghai, the PRC. Its east boundary ends at Cangyuan Road, its south boundary ends at Jiangchuan Road, its west boundary ends at Pingshan Road and its north boundary ends at Dehong Road. The land has a site area of approximately 46,200.6 sq.meters, plot ratio of approximately two and gross floor area ("GFA") of 92,401.2 sq.meters. The planned purpose of the land is for ordinary commercial housing. The acquisition price of the above land use rights will be settled by the internal resources of the Group.
Mr. Zhang Peng, President and Executive Director of the Group said, "The Group considers the Shanghai land acquisition as a strategic move to increase its land reserve in Shanghai where the development potential is exceptionally high, which is in line with the best interests of the Company and its shareholders as a whole. In the future, we will stick to the Group's competitive strategies of "low cost, high gross profit and high focus", continue to explore market opportunities and seek for premium lands in a prudent and proactive manner, with a view to develop more large and integrated property projects with the philosophy of "green, comfortable, energy-saving, mobile interconnect and full life cycle", so as to realize the Group's long-term and stable development plan and achieve greater investment return for shareholders."
