HONG KONG and BELLINGHAM, Wash., Oct. 9, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) announced today the terms upon which it has closed on the acquisition of a 75% controlling interest of a resort property near Guangzhou, China.
Daniel McKinney, API's CEO, commented, "As we announced yesterday, I am delighted to inform our API shareholders that we have already closed the acquisition of the Swiss Garden Holiday Village in Guangzhou, China. The resort has revenues in the region of US$5 million and a net profit for 2007 estimated at US$2.5 million. As such, I am pleased to be able to reconfirm our 2007 guidance for revenues, and consolidate this US$40 million asset onto our balance sheet."
The Swiss Garden Holiday Village encompasses 25 acres of villas, condos and a hotel with an exhibition centre and business conference centre. It sits on the side of a lush mountain overlooking a popular lake in the area. Swiss Garden has built a total of 65 villas, 114 apartments, and current construction includes a clubhouse and 12 more villas with total area of 44,000 square meters. The total assets of the development are RMB 305 million (US$40 million). The acquisition was paid for in restricted shares and cash. Shareholders will be advised of the acquisition details as soon as possible.
Please see photos of the resort at: http://tgbank.net/doc/temp/picture/
API paid 4 million shares of restricted stock and $30,000 cash for legal expenses and other closing costs for the $40 million resort acquisition.
About Asia Properties, Inc.: Asia Properties, Inc. was established to develop resorts and prime real estate in Southeast Asia. Asia Properties currently operates as the only listed U.S. public company focusing on S.E. Asian real estate investments. API is a Nevada corporation and trades on the Pink Sheets under the symbol "ASPZ." There are currently 39,427,112 fully diluted shares consisting of 16,672,740 free trading and 22,754,372 restricted. The transfer agent is Computershare, Inc. of Golden, Colorado.
The Asia Properties, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1733
Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.