Heng Fai China Industries Inc. reports an acquisition of a commercial building project in China.HONG KONG--(BUSINESS WIRE)--March 19, 1997--Heng Fai China Industries Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Bul-Bd:HFCI HFCI H.323 Firewall Control Interface HFCI Hawaii Forestry and Communities Initiative HFCI H323 Firewall Control Interface ) (the "company"), announced that its wholly owned Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. incorporated subsidiary, Heng Fai China Industries Acquisition Ltd. ("HFCIAL") has entered into a conditional agreement (the "agreement") with Sunlight (Zhangjiagang Free Trade Zone) Investment Consulting Co. Ltd. (the "PRC party") to establish Heng Li (Zhangjiagang Free Trade Zone) International Trading & Development Co. Ltd. (the "JV"). The sole asset of the JV will be a 318,000 square foot, 22-story office tower currently under construction, the tower will include a shopping mall on the first two floors (the "project") in the Zhangjiagang Free Trade Zone, of the Jiangsu Province, in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China ("PRC"). The PRC party has advised the company that approximately RMB RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) 40 million or US$4.8 million in development expenditures have been incurred to date on the construction of this project. A current independent valuation report by Colliers Jardine of Hong Kong gave the project upon completion a market valuation of HK$112.2 million or US$14,505,000. The company cannot give any assurance that such expenditures have been incurred or the current market valuation of the report will remain when the building is completed. In accordance to the agreement, the company will issue 379,520 non-trading preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. with a par value of US$10 each to the PRC party for consideration of a 70 percent interest in the JV to be acquired by HFCIAL. Upon the completion of this acquisition the company will undertake an application for a NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on listing. The company believes that currently the Zhangjiagang Free Trade Zone is the only PRC inland free trade zone. The Zhangjiagang Free Trade Zone offers special economic policies, along with a unique geographical advantage of an excellent harbor and a fully developed transportation network that offers access to the commercial and industrial center of the Yangtze River Valley. Based on the foregoing the company believes there may be a strong demand for office premises and shopping centers in the Zhangjiagang Free Trade Zone. Heng Fai China Industries Inc. is a public operating company operating company A business that engages in transactions with outsiders. , which specializes in identifying undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. investment opportunities for acquisition and operation throughout the world with particular emphasis on the PRC. It believes its main focus should be on companies which are primarily engaged in the development and construction of the PRC's infrastructure. The company manages and controls a very select group of these emerging companies with operations in the United States, Canada, Hong Kong, and the PRC. From time to time the company may issue forward looking statements which involve risks and uncertainties. This statement may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended actual results could differ and any forward looking statements should be considered accordingly. CONTACT: Heng Fai China Industries Inc. Robert Trapp, 604/685-8318 Fax: 604/685-3398 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion