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Sandy Li

Matsunichi Communication Holdings, a maker of personal multimedia players, has bought a site in Tianjin for 1.42 billion yuan and plans to develop it into a multipurpose  complex together with  two adjacent sites.

The new site brought the firm's  land purchases to three in the city  this year for a total of more than 3.44 billion yuan. The sites will be developed into 1.56 million square metres of homes, offices, shops and a hotel.

The project will feature the mainland's first polo field, luxury  flats and villas, a twin office tower that includes a 100-storey-plus block with a luxury hotel on upper floors and a shopping centre below.

Matsunichi said the investment for the project would be about 7,000 yuan per square metre, including 2,000 yuan in land costs.

Managing director for corporate development Ricky Kwan Po-kit said it would generate a gross margin of at least 40 per cent.

The initial investment would amount to HK$1 billion to HK$2 billion, and the project would be completed in four or five years.

The company last month raised HK$3.2 billion through a rights issue for the project.

Mr Kwan said property sales would account for 80 per cent of the company's turnover when the project was completed, compared with zero now.

He also said  the firm would   continue to operate its digital consumer electronic business.

Separately, Capital Strategic Investment has teamed up with Tian An China Investments to acquire equal shares of Shanghai's Novel Plaza   for US$105 million.

Novel Plaza is an 11-year-old, 22-storey office building with a gross floor area of 29,000 square metres. The purchase price was 27,800 yuan per square metre.

Citigroup had bought a 75 per cent stake in Novel Plaza for US$50 million  in November 2005.

The building generates about 50 million yuan in rentals a year, yielding 6 per cent  for the joint-venture partners.



Matsunichi branches into property