1 March 2017
AOYUAN ANNOUNCES ITS FIRST HIGH-END RESIDENTIAL PROJECT IN CANADA REPLICATES ITS SUCCESSFUL EXPERIENCE IN AUSTRALIA AND FACILITATES PARALLEL DEVELOPMENT IN DOMESTIC AND OVERSEAS MARKETS
China Aoyuan Group Limited (“Aoyuan” or the “Company”, Stock Code: 3883), a renowned property developer in China, is pleased to announce that the Company has acquired a 90% equity interest in a quality residential project in Vancouver, Canada for a total consideration of CAD30.6 million (equivalent to approximately RMB161 million). With a total GFA of approximately 5,600 sq.m., this project will offer approximately 60 high-end residential units and retail shops.
The project is well located at the intersection of Granville Street and 7th Avenue in Vancouver West, only a bridge away from Vancouver CBD. The project is in a traditional high-end residential area, with a well-developed community and a prosperous commercial environment. It is only a 10-minute walk from Granville Island, the famous hotspot for sightseeing and entertainment in Vancouver with a thriving art scene. The primary arterial road, Granville Street, passes through Vancouver from North to South, connecting CBD to the airport. The local government is now planning to build a metro line on Broadway Street. It will only be a 5-minute walk from the project to the nearby metro station upon completion.
Aoyuan management commented, “Aoyuan’s Sydney projects not only achieved outstanding sales performance, but also gained the recognition from the local Australian market, which has laid solid foundation for our development towards internationalization. Being the largest city of West Canada, Vancouver is the most ‘Asian’ city outside of Asia. Vancouver is one of the most liveable cities in the world for many years and a popular destination for immigration due to its dynamic economy and pleasant environment. Looking forward, Aoyuan will replicate its successful experience in Australia, and develop the Vancouver project by capitalizing on its localisation strategy for overseas development, so as to facilitate its parallel development in domestic and overseas markets, enabling the diversification of our revenue stream, asset portfolio and operation, thus delivering excellent returns to its shareholders and investors.”