Xuan Wu Group Purchases 3rd Ring Beijing Train Station Property -- Deal to Bring $35M Net Profit in '11
October 07 2010 - 11:01AM
Xuan Wu Group Holding Company (Pink Sheets:XNWU) is pleased to
announce that they have definitely purchased property adjacent to
the West Beijing Transit Station and have begun development of the
"Beijing West Transit Station South Mall". The Company plans to
rename the South Mall as the "Wanbohui Shopping Center" and develop
it as a mixed-use project including shopping/retail and a parking
garage.
Cost of the completed project will be more than $200M over 10
years, and financing is being provided for by a combination of bank
loans and company resources. The project will encompass 74,000
square meters with 57,000 of space slated for retail and commercial
and the remainder for parking.
Mr Jinhui Guo, President, stated, "We've been working on getting
the rights to this deal now for quite some time. We find this
location on the 3rd Ring extremely exciting, as it's adjacent to a
very busy transit hub that services 300,000 people on a daily basis
with additional traffic projected by the near future development of
of a metro stop servicing the No. 9 Metro line. Our financial
forecast was based on the growth of the area as an even greater
transit hub and the scarcity of parking. The financial projections
were conservatively based on current lease rates on other 3rd and
4th ring projects and comparative parking rates with cost
escalations.
About Xuan Wu Group Holding Company
Founded in 1985, the Xuan Wu Group Holding Company is a
multi-faceted holding company with interests in nonmetal mining, Yi
Ink stone, continuous basalt fiber, forest preservation and real
estate development. The Company has been nominated as a
leading enterprise of Industry in Hebei Province and the Baoding
Economic Zone. The Company is responsible for the mining of
raw materials and construction of "first class" road and rail
projects within the Province. For further information, please
see http://www.xuanwu.cc/
CONTACT: Xuan Wu Group Holding Company
Investor Relations:
Richard Oravec
212-924-3548
rick@vircomglobal.com