Dec 27, 2011
Press Release

Ying Li Secures Prime Integrated Project with Second Land Acquisition in the Highly Anticipated ChongQing Financial Street

• Jointly developing with adjacent Wu Yi Road project, expanding combined project land area to approximately 17,000 sq.m
• To be developed into an integrated development project with Grade A office and retail mall with total planned area of approximately 240,000 sq.m
• Excellent accessibility of 150metres away from Jiefangbei, featuring an integrated underground tunnel that links current and planned subway stations

Singapore Exchange (SGX) Mainboard listed Ying Li International Real Estate Limited (“Ying Li” or the “Company”, and together with its subsidiaries, the “Group”) is pleased to announce the award of the 5,452 sq.m Wei Yuan (苑味) land plot, which is located along the highly anticipated Chongqing Financial Street (融街重庆金) for RMB 50.35million, excluding resettlement cost. Concurrently, Ying Li is in advance discussion with the authority to enlarge the total land area of the project.

The enlarged Wei Yuan land plot is situated beside the Group’s existing Wu Yi Road land bank. Together, the two plots will be jointly developed as an integrated Grade A office and retail mall project, Chongqing Financial Street project (重庆五一路金融街项目), and it is the single largest remaining integrated project located with the Chongqing Financial Street with a total planned area of approximately 240,000 sq.m. The Chongqing Financial Street project is approximately 150metres from Jiefangbei walking street and has frontage exposures to four main roads, offering excellent transport accessibility. As the discussion with the authority is still on-going, the Company will provide an updated announcement with all the complete information when it is available.

Chongqing Financial Street (“CQFS”) – The “Wall Street” of China’s western region, will be a world class financial centre in the upper reaches of Yangtze River to house HQs of major international financial institutions and, other large multinational and domestic companies. World-renowned architectural firm KPF was commissioned to design the master plan for the CQFS, which consists of 7 skyscrapers, ranging from height of 180 to 350metres, covering a site area of 70,000 sq.m with approximately 1million sq.m GFA in total. CQFS features gravel walkways at street level and green spaces in between buildings to provide an oases of tranquillity. The buildings will be connected by a pedestrian bridge network and integrated underground tunnels linking CQFS to the current and planned subway stations at both ends, facilitating pedestrian access throughout the entire Jiefangbei CBD.

The Chongqing municipal government has earmarked RMB 15billion to develop the CQFS and implemented a series of favourable policies to attract corporations, including:

• For first purchase of office units, a one-time purchase subsidies of RMB 1,000 per sq.m and full subsidies on their deed tax;
• Rental subsidies of RMB 200 per sq.m per annum for the first 3 years;
• Newly established or relocated financial institutions and HQs shall enjoy rebates of up to 20% on their corporate income tax for the first 3 years;
• Existing financial institutions and HQs, which pays more than RMB 1million in corporate income tax shall enjoy a 3% rebate annually.

Commenting on the latest acquisition, Mr. Fang Ming, Chairman and CEO of Ying Li, said: “The government has initiated numerous plans to transform Chongqing into a major financial hub in the upper reaches of Yangtze River, and the development of Chongqing Financial Street is one of them. We are delighted to have successfully secured two significant land plots out of the seven, which are the closest to Jiefangbei, and this project is the single largest remaining site in the Chongqing Financial Street.”

“In recent years, Chongqing has emerged as the leading investment destination with “Forbes” naming it as one of the World’s Fastest Growing Cities for the next decade. The success was due to the favourable “Go West” policies and the establishment of Liangjiang New Area, attracting many multinational corporations and financial institutions. As corporations relocate or set up offices in Chongqing, we believe that their preference for office will be Grade A office spaces in the Jiefangbei CBD, the core CBD of Chongqing.”

Mr. Fang added, “By leveraging on our excellent track record and experiences coupled with the government’s favourable policies, we are confident that this prestigious project will be wellreceived by corporations seeking strategically located Grade A office spaces and contribute positively to the Group’s future development and performance. We will continue to reinforce and enhanced our leadership position as the largest commercial CBD landlord in the fastest growing city in China.”

Artist Impression of Chongqing Financial Street Project


Artist Impression of Chongqing Financial Street Project’s retail podium


Location of Chongqing Financial Street project


Location of Chongqing Financial Street project


CQFS underground pedestrian connection