China New Town is up 1 c at 14 c now. Last night\'s announcement : It handed over two residential plots from its Wuxi Hongshan Project for public auction on 19 January 2010. The site area of the land parcels are 53,769 and 65,911 square meters, respectively representing gross floor area of approximately 55,061 and 74,150 square meters respectively. The last achieved price for a residential land parcel from Wuxi Project was approximately RMB 1,875 psm in October 2009. So 119,680 sq m X RMB 1,875 = 224.4 m RMB CNT JV gets 84% (rest goes to local govt)= RMB 188.5 million CNT gets 90% = RMB 169.6 m
Finally announced! China NT said last night revenue of rmb 203 m from sale of Wuxi land parcels. Sounds fabulous. ----> The land parcels of approximately 53,769 and 65,911 sq.m. in site areas were sold at about RMB 108 million and 136 million respectively which are equivalent to approximately RMB 2,009 per sq.m. and RMB 2,063 per sq.m. respectively. The last achieved price for a residential land parcel from Wuxi Project was approximately RMB 1,500 in October 2009. The land sale is expected to contribute revenue of approximately RMB 203 million.
Yesterday, US TOP Property Expert released a report that BEIJING properties have Very High Vacancy Rate. Probably, there has been a SHIFT of occupancy from old towns to NEW TOWNS. It is important to identify which are the NEW TOWNS.
One worry is that their ex-CFO, turned CEO, turned back to CFO, Mr Ben Cheng has resigned. Replacing him is somebody from the parent company, SRE which is listed in Hong Kong. Does that mean that the interests could be tilted towards the parent company now, instead of minority shareholders?
The Edge on the newsstands now has a story on CNT\'s new CEO. Ambitious plans to make the company profitable in the next few years.. Also he\'ll be making trips to S\'pore to meet with analysts and fund managers to raise CNT profile.. looking good!