The Group will continue to focus on the development, sales and leasing of properties in Mainland China, Hong Kong and overseas. The Group is proactively considering to expand its footprints in different regions within the PRC, especially in the provincial capital cities where the demand for residential/commercial properties are enormous, using the development concept and experience of the CP&J City.
As announced on 12 April 2016, the Company has signed a sale and purchase agreement to purchase a property located in the central business district of Chongqing, the PRC at a consideration of HK$1,468 million. This property is currently under redevelopment (renovation without demolishing/altering the building structure). Upon the completion of the redevelopment, the property will become a commercial/residential complex which will be held for sale and/ or leasing purposes. Given (i) the prestigious location the property is erected within the central business district of Chongqing; (ii) the promising commercial and residential property market in Chongqing, the PRC; (iii) the increasing consumption power in Chongqing; and (iv) the implementation of “The Belt and Road Initiative” which brings development opportunities to Chongqing, the proposed acquisition, which is considered to be in line with the Company’s development strategies, represents a good investment opportunity for the Group to diversify its existing portfolio and it is expected that the acquisition will create greater return to the shareholders of the Company in the longer run. The transaction has yet to be completed as of date.
The Group will also closely monitor other market opportunities to supplement its existing projects through mergers and acquisitions, so as to create greater returns for the shareholders.