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China Railway’s property to focus on Haikou tourism

May. 15, 2012 (China Knowledge) - China Railway Group Ltd<601390><0390>, the country's largest railway and highway builder, has announced plans to joint-bid with Zhonghong Real Estate Co Ltd<000979> for a tourism property project in Haikou, Hainan Province.

According to the plan, a joint venture is to be launched by the two bidders, and the Shanghai and Hong Kong-listed railway builder would hold a 55% stake in the JV.

The tourism property project, which is designed to built on an artificial island that is 4.4 kilometers away from the east coast of China, will cover a land area of around 6.12 square km that could attract about 5 million tourists per year, with annual tax totaling RMB 800 million to RMB 1 billion.

China Railway had constructed large-scale mixed-use property project in Sanya, Hainan Province, with land transaction fee of RMB 1.68 billion the company spent in 2009. The plot cost RMB 8,460 per sq m of potential floor area, lower than the average price of RMB 9,526 per sq m in Sanya in the first half of 2009, said analysts.

Officials in China Railway had earlier disclosed that the company's real estate division will focus on tourism properties in Hainan Province.

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