Mainboard-listed China-based property developer Ying Li International intends to acquire two potential prime sites in China.
It is setting up a wholly-owned subsidiary through the acquisition of Shiny Profit Enterprises, which has an initial registered share capital of US$10,000, for the purpose.
Through Shiny Profit, Ying Li plans to buy two prime sites located in the Chongqing Yuzhong Central Business District.
The two new sites are part of the financial hub that the Chongqing government plans to redevelop.
The municipal government has earmarked 600 billion yuan to reconstruct and develop the city centre by 2015.
Ying Li will also use Shiny Profit to develop its Lu Zu commercial project.
The Lu Zu commercial project is centrally located at the junction of Minsheng Road and Datong Road Yuzhong District.
A building for commercial and office uses, with an estimated gross floor area of 1.48 million square feet, will be constructed under the Lu Zu development.
Source : Channel NewsAsia – 19 Jan 2010