Tianbao Holdings Ltd.
Tianbao Holdings Ltd. (Ticker:3TB1) Announces Update and significant Revaluation of Zhenghou Project
Tianbao Holdings Ltd. / Key word(s): Miscellaneous Zhengzhou China PRC – Wednesday – August 28, 2013 – Tianbao Holdings Ltd. (Ticker:3TB1) Announces Update and significant Revaluation of Zhenghou Project. The board of directors announced today an update to the Zhengzhou Project where the company is developing its own property.( Zhongyuen West Road ). Due to local government relocating its offices to a piece of land adjacent to the company’s own property of 11,500sqm, this has now been re designated from low income housing to a higher level, including commercial use. This re-designation increases the value to the project from 48mio euro to 62 mio euro, with the land alone being valued at about 100 million RMB ( approx. US$ 16 mio) prior to construction. Building permission has been granted for a three story shopping mall, totaling 5300 sqm retail space. Planning consent has also been obtained to build two tower blocks above the mall The first being a 26 story office block comprising of 12,800 m² of office space. A second tower has been designated to house a four-star hotel with 280 rooms., banqueting rooms and conference facilities . The hotel will have to be operated by an acceptable operating company . With the construction complete conservatively the company estimates that the land will be worth at least 400 million RMB approximately US$62 million. The estimated market value of the rental for the mall is 200 RM be per square meter. The company has a letter of intent from a triple A tenant that is prepared to commit to leasing the space upon completion at 20% below market, or 160 RM be per square meter which would equate to US$1.6 million in rental income. The company has also been granted consent to build a subterranean garage with 260 parking spaces. While the company has no intention of abandoning its mainstream business of the construction of low-income housing, the company does regard the unexpected planning permission as a windfall and has every intention of developing this land from its own resources immediately . It estimates that the entire project will be completed by mid 2015. Work will commence May 15 , 2014 . ______________________ . About Tianbao Holdings: Tianbao Holdings (the ‘Company’) is an economically-affordable housing manufacturer in the People’s Republic of China. The Company works closely with the Chinese government in acquiring the land for new housing developments and constructing the homes per the specifications of the housing plans of both the national Chinese government as well as the provincial governments, in particular Henan Province, wherein all of the Company’s projects to date have been located.
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227790 28.08.2013 |