With the views of further enriching the property portfolio and expanding its geographical coverage, the Group has completed the acquisition of the entire equity interest in Ningxia Jinguan Property Investment Co. Ltd.*(寧夏金冠投資置業有限 公司) on 28 February 2018 and since then, Ningxia Jinguan has become a wholly-owned subsidiary of the Company.
Ningxia Jinguan locates in Yinchuan City, Ningxia Hui Autonomous Region and is principally engaged in property development and management and home furnishing. It owns the property named “JeShing European City(金盛歐洲城)”, which is located at West of China National Highway 109, DeSheng Industrial Park*(德勝工業園區), Yinchuan City, Ningxia Hui Autonomous Region. JeShing European City comprises five parcels of land with a total site area of approximately 133,300 sq.m. and a residential and commercial complex which is currently being constructed thereon (“Yinchuan Project”). Yinchuan Project is planned and designed to be a large-scale multipurpose integrated commercial and residential complex comprising department stores, high-end furniture mall, supermarkets, shops, entertainment facilities, service apartments and SOHO apartments.
In respect of commercial portion, benefited from the valuable experience in the construction and decoration materials industry, brand resources and financial support of JeShing Group, the former direct controlling group, and favourable policy imposed by the local government, Yinchuan Project has developed to own high-end building materials stores with an area of 40,000 sq.m. and premium furniture stores with an area of 30,000 sq.m., which are principally engaged in trading of building and decoration materials, such as ceramics, sanitary ware, flooring, stairs, doors and windows, cupboard, lamp, wall paper, bedroom, sofas, suites and other furniture. Yinchuan Project has become the new leading commercial landmark of Yinchuan with its cosy environment, convenient public transport access, people-oriented business planning and outstanding business management.
In respect of residential portion, “Jin Sheng Yue Jing” project is to be developed in 3 phases with a site area of approximately 120 mu and a planned gross floor area of 221,000 sq.m. The project is connected to Yue Hai Wan Central Business District, Yinchuan through east-west routes, overlooks Yinchuan Lanshang Park and enjoys the view of scarce natural scenery in the city. This project aims at delivering local distinctive scenery and educational resources.
With respect to the future development of commercial section of our Changsha Phase 2 Project, Qinhuangdao Project, Changchun Project and Yinchuan Project, the Group is confident to duplicate the standard operating model and business resources of Globe Outlets based on the particular regional conditions so as to accelerate our strategic layout throughout the nation.