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SGX-registered Ying Li to develop retail hub in Chongqing

Xinhua, January 14, 2015 Adjust font size:

Singapore Exchange-registered Ying Li International Real Estate Limited ("Ying Li") announced Wednesday that it has signed a Memorandum of Understanding ("MOU" ) to develop a one-stop hardware and electrical appliances retail hub in Jiangjin District in China's city of Chongqing.

Ying Li is a developer of high-end commercial and residential properties in China.

The hub, known as Ying Li International Hardware and Electrical Mall, will comprise high-grade retail shops, hotels, residential and a logistics distribution centre. The planned total gross floor area of the project is 1.6 million square meters and the initial investment is estimated to be around 1.8 billion Yuan.

The project is expected to kick-start in first quarter of 2015, with the whole construction to be completed in phases over 2-3 years, Ying Li said.

"We are adopting a creative and low risk business model for this project. As this project will be tailor-made to our buyers' requirements, we will be securing buyers and customising the project to cater to their needs before developing the project. This also allows cash generated from deposits to be used in our construction phase." Said Fang Ming, chairman and CEO of the Group.

The project is in line with Chongqing government's intention to relocate more than 180 medium and large sized enterprises from Chongqing's Central Business District to the secondary ring of the city. It is also part of the group's new plan to expand into more first-tier and leading second-tier cities.

"We continue to see opportunities available in Chongqing as the local government continues to lay out plans to further develop and restructure the city. We will leverage on our strong presence and track record to strengthen our foothold in Chongqing city while venturing into other first and leading second-tier cities," Fang said. Endi