Strategic Collaboration to Advance Property Business in Hong Kong
HONG KONG, Mar 7, 2018 - (ACN Newswire) - Asia Allied Infrastructure Holdings Limited ("AAI") (stock code: 00711) and Top Spring International Holdings Limited ("Top Spring") (stock code: 03688) are pleased to jointly announce that the two entities are entering into a long-term collaboration to develop property business in Hong Kong, with the first kick-off project being a low-density premium residential property project (the "Project") located at Waterloo Road in Kowloon Tong, Hong Kong.
Riding on AAI's experience in property development, construction and project management in Hong Kong, and Top Spring's diverse capabilities in developing residential and premium property projects across the PRC, the collaboration will seek to capture the lucrative opportunities associated with the Hong Kong property market in the coming years.
Mr. Dominic Pang, Chairman of AAI, said, "We believe the collaboration with Top Spring will advance AAI's expansion in the Hong Kong property market. Given the positive market sentiments and consistently high local demand, we are confident that the Waterloo Road project will serve as a good starting point of our collaboration."
Mr. Wong Chun Hong, Chairman and Co-Chief Executive Officer of Top Spring, said, "We are excited to be cooperating with AAI on the Waterloo Road premium residential project, and we will be looking forward to more collaborations in future riding on the experience and expertise of both sides."
Banking facilities of approximately HK$935 million has been granted to the joint venture company running the Project, demonstrating the banking community's support to AAI and Top Spring. The funds will be used mainly for relevant development works related to the Project.
Asia Allied Infrastructure Holdings Limited (stock code: 00711.HK)
Asia Allied Infrastructure Holdings Limited ("AAI") is listed on the Main Board of the Hong Kong Stock Exchange under stock code 00711. It is engaged in various businesses including construction engineering and management, project consultancy, property development, security services and property management, tunnel management, safe deposit box services, construction finance and investment, online procurement of construction materials, etc. With Hong Kong as its business development base, AAI is also exploring development opportunities with Asia as the main focus, as well as in overseas markets. Its subsidiary "Chun Wo" is a renowned construction contractor and property developer in Hong Kong, which enables AAI to capitalise on that company's solid construction experience and professional capabilities to seize the opportunities for infrastructure development in countries along the "Belt and Road" initiative, and, ultimately, to increase overall profitability and create higher investment value. For details, please refer to the company website: http://www.asiaalliedgroup.com
Top Spring International Holdings Limited (stock code: 03688.HK)
Top Spring International Holdings Limited ("Top Spring") is a real estate property developer in the PRC, specializing in the development and operation of urban mixed-use communities and the development and sale of residential properties in the Pearl River Delta, the Yangtze River Delta, the Central China, the Beijing-Tianjin and the Chengdu-Chongqing regions in the PRC. As at 30 June 2017, the Group had a total of 23 projects over 13 cities in various stages of development totaling an estimated net saleable/ leasable GFA of approximately 2,515,267 sq.m. For details, please refer to the company website: http://www.topspring.com
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