SOURCE: China Metro-Rural Holdings Limited

China Metro-Rural Holdings Limited

September 13, 2010 07:53 ET

Business Update for Northeast Logistics City, Tieling

NEW YORK, NY--(Marketwire - September 13, 2010) -  China Metro-Rural Holdings Limited (NYSE Amex: CNR) (the "Company")

As of September 7, 2010, there were approximately 265,800 square meters of the total gross floor area in respect of Northeast Logistics City ("NLC") where the Group had entered into sales and purchase agreements or subscription agreements with buyers/subscribers, of which approximately 104,600 square meters were recognized as sales in prior years. Following the delivery of these remaining properties, which is expected to occur within the next 6 months, the sales proceeds will be approximately RMB502 million and will be recognized as the Group's revenue in the fiscal year ending March 31, 2011 and thereafter.

"Despite the recent new housing policies implemented by the Chinese Government which attempting to directly suppress the investment demand through the tightening of home mortgage loans and the restriction of non-local buyers as well as the resulting slowdown of national sales volume growth, we are pleased to note that over the past few months we have not experienced any slowdown in sales volume nor property price cuts since the implementation of these new policies.

"The new policies have little or no effect on NLC because new policies are mainly targeting the residential property market, especially those first tier cities. In the contrary, NLC does not lie within those markets as it is a provider of logistics platforms where there is great demand from both investors and business proprietors who wish to tap into the agricultural related industry through NLC," said Mr. Sam Sio, CEO of the Company. "We are committed to delivering good results to our shareholders as they are our core," Sam added.

Contact Information

  • CONTACT:
    China Metro-Rural Holdings Limited
    Investor Relations Department
    Phone: (852) 2111 3815
    E-mail: Email Contact