Henderson to launch eight mainland sales

PUBLISHED : Thursday, 18 April, 1996, 12:00am
UPDATED : Thursday, 18 April, 1996, 12:00am

Henderson China Holdings plans to launch eight of its mainland property projects for sale in the coming year despite dampened market conditions.

Ng Ngok-kwan, executive director of the sales and leasing department, said: 'The [Chinese] market has stabilised - it has passed the most difficult times.' He said the total amount of gross floor area to be put on sale would surpass last year's substantially but he could not say by how much.

He said the projects were in Guangzhou, Shanghai and Beijing.

Henderson China recently listed on the Hong Kong stock exchange.

Mr Ng said although the main sales target for Henderson's projects had been foreign investors, the company was considering developing low-cost housing projects which guaranteed 15 per cent returns.

'With mainland projects, you have to take one step at a time because each city has different requirements and different conditions to fulfil,' he said.

Projects to be offered in the coming year include more office units at the company's flagship Beijing Henderson Centre.

In Shanghai, the company aimed to sell five projects, including the 418,978 square foot office and commercial-residential development Everwin Garden, in Xuhui district, and the 923,088 sq ft office and retail development along prime Nanjing Xi Road.

In Guangzhou, the 759,702 sq ft office-retail-residential development above the Metro line in Yuexiu district would be on offer.

The second block - Hoover Tower - of the residential development Fortune Park in Shenzhen would be put on offer today. Prices would be more than 4 per cent higher than at the sale of the first block launched early this month.