Hong Kong, Oct. 8, 2013 (GLOBE NEWSWIRE) -- To suit our overall development strategy, First Asia Holdings Limited ("FAHL") is planning to increase the Group's land reserve in the Hong Kong New Territories with a view to develop luxurious bungalow projects. The immense potential of the area is evidenced by the firm commitment of the HK Government in developing the New Territories. On 04 July, 2013, the HK Government unveiled a revised blueprint for the development of two new towns in the northeastern New Territories, providing 60,000 flats - nearly 30 percent more than originally proposed - housing 170,000 people. Building in the towns in Kwu Tung North and Fanling North will cost the HK Government about HKD120 billion. To capitalize on this unprecedented opportunity, FAHL intends to acquire the below land sites by allotting common stock to the respective owners:
1. Fanling: Section A of Lot No. 1685 in D.D. 76, North New Territories, Hong Kong
2. Kam Tin 1: Section F of Lot No. 1703 in D.D. 106, Yuen Long, New Territories, Hong Kong
3. Kam Tin 2: Lot No. 1702 in D.D. 106, Yuen Long, New Territories, Hong Kong
4. Kam Tin 3: Lot No. 1667 in D.D. 106, Yuen Long, New Territories, Hong Kong
5. Pat Heung: Lot No. 249 in D.D. 110, Yuen Long, New Territories, Hong Kong
6. Tung Chung: Lot No. 48 in D.D. 3, Tung Chung, Lantau Island, New Territories, Hong Kong
7. Lau Fau
Shan: Section B of Lot No. 2277 in D.D. 129, Yuen Long,
New Territories, Hong Kong
It is envisaged that the resulting increase in the number of shareholders through such intended allotment
would also help pave the way for listing in the NASDAQ and/or the Hong Kong Stock Exchange.
More info about the New Territories Development:
Hong Kong Planning Department: http://www.nentnda.gov.hk/doc/pe/info_digest.pdf
Oriental Daily: http://the-sun.on.cc/cnt/news/20130705/00407_040.html
China Daily: http://www.chinadailyasia.com/news/2013-07/05/content_15077113.html