CIFI Forms Joint Venture with Greenland to Jointly Develop Residential & Commercial Site in Hangzhou

HONG KONG, June 24, 2013 /PRNewswire/ -- CIFI Holdings (Group) Co. Ltd. ("CIFI" or the "Group"), named one of the "China Top 100 Real Estate Developers", is pleased to announce that it had entered into a Cooperation Agreement with Greenland Holding Group ("Greenland") to jointly develop a piece of land (the "site") for which CIFI made a successful bid on 21 May 2013. The Land is located at the Hangzhou Olympic and International Expo Center in the Binjiang District, Hangzhou, and is designated for residential and commercial use.

CIFI succeeded in acquiring the Land with a bid of RMB3,565 million. With a total site area of approximately 58,800 sq.m. and a planned GFA of approximately 264,600 sq.m., the Land is intended for residential, office and commercial uses.

Pursuant to the Agreement, CIFI and Greenland will each hold a 50% equity interest in the joint venture, and will bear, on an equal basis, the capital contribution to be made in the joint venture for acquisition of the Land. The total amount to be contributed by CIFI is estimated to be RMB1,782.5 million. Greenland is a state-controlled enterprise group headquartered in Shanghai and principally engaged in the real estate, energy and finance businesses.

Mr. Lin Zhong, Chairman and Chief Executive Officer of CIFI, said, "We are delighted to have made a successful bid for this piece of land in a prime area in Hangzhou and to cooperate with Greenland to develop the Land into a residential and commercial project. This project will provide an excellent investment opportunity for the Group to establish its position in the Hangzhou property market, and will also act as a stepping stone for us to further explore the local market in the future."

Mr. Lin continued, "The cooperation between CIFI and Greenland will leverage upon the competitive advantages of both companies to develop this prime property site in Hangzhou. In the future, we will strive to reinforce cooperation with other property developers and to actively promote the business development of CIFI."

CIFI's contracted sales target for the full year 2013 stands at RMB12.5 billion. For the five months ended 31 May 2013, the Group achieved contracted sales of approximately RMB5.69 billion, representing a year-on-year increase of 126% over the same period in 2012, or approximately 46% of its full year 2013 contracted sales target.

About CIFI Holdings (Group) Co. Ltd.

CIFI Holdings (Group) Co. Ltd., headquartered in Shanghai, is engaged in the property development, property investment and property management businesses in the PRC. CIFI is a strategy-oriented and shareholder value-focused real estate enterprise. The Company develops its business strategies in line with government policies related to the real estate sector in the PRC. In the area of residential property development, CIFI principally focuses on developing residential properties with small-to-medium unit sizes, comfortable living environments and locations with good public transportation links. In the area of commercial property development, CIFI principally focuses on developing commercial properties for sale. Additionally, the Company provides property management services to its residential and commercial customers through its own property management companies.

SOURCE CIFI Holdings (Group) Co. Ltd.