New ETF Book by Larry Connors - Click here to read more
According to the LOI, the purchased land will be constructed into a mixed- used complex, which includes a shopping mall, movie theatre, and residential complex. Both parties agreed that the minimum selling price of the residential complexes will be US$136 per square foot, and any price premium above USD$136 will be equally shared by both CAEI and Nine Dragon. Currently, the market price for similar properties in this area ranges between US$186 and US$279 per square foot.
The Nine Dragon Resort ("Resort"), which was mentioned in the Company's press release date June 25th, 2009 is mainly developed by Shanghai Nine Dragon Co.( http://www.ninedragon.com.cn ). The Resort covers nearly 2,500 acres and aims to become a preeminent tourist destination in China. To date, the Resort has already completed the construction of horse race tracks, polo grounds, yacht docks, golf courses, and other high-end leisure recreations. Future projects under construction include a marine theme park, movie theatre, premium retail outlets, five-star hotels, and luxurious residential apartments.
Ken Yi Luo, Chairman and Chief Executive Officer of China Architectural Engineering commented, "We are very excited about the opportunity to deepen our strategic partnership with Nine Dragon Resort. Based on the current market price and our estimated construction cost of US$40 per square foot, we project this development project can generate more than US$100 million in gross profits for CAE over the next three years.
"The Resort is located in the center of the Yangtze River Delta, only 62 miles from both Hangzhou and Ningbo, two of the most affluent cities in the country, and a two-hour drive from Shanghai, the financial and commercial heart of China. As the Chinese government has pledged to make Shanghai an international financial hub, more and more professional talent will be drawn to come work and live in the Yangtze River Delta. Tourism, and luxury tourism in particular, will become attractive and fast-growing markets with the increasing number of wealthy individuals around this area and we are confident the Nine Dragon Resort will be able to command a significant share of this sector.
"As previously mentioned, we believe that our cooperation with Nine Dragon to develop this valuable land creates a unique, new business opportunity for CAE, enabling us to expand our scope into real estate development by leveraging our core expertise. We believe this is a landmark event for our company to further strengthen our strong brand, deep technical expertise, and rich operating experience. We view our strategic expansion into real estate development as a natural evolution in our corporate strategy, and we are confident that this new initiative will further enhance our operating scale and efficiencies, thereby augmenting our revenue growth and return on investment, and ultimately, fulfilling our vision to become the leader in China's fast growing real estate and construction industry."
About China Architectural Engineering
China Architectural Engineering, Inc. (NASDAQ: CAEI | Quote | Chart | News | PowerRating) is a leader in the design, engineering, fabrication and installation of high-end curtain wall systems, roofing systems, steel construction systems, and eco-energy systems. Founded in 1992, CAEI has maintained its market leadership by providing timely, high-quality, reliable, fully integrated, and cost-effective solutions. Collaborating with world-renowned architects and building engineers, the Company has successfully completed nearly one hundred large, complex and unique projects worldwide, including numerous award-winning landmarks across Asia's major cities.
For further information on China Architectural Engineering, Inc., please visit http://www.caebuilding.com .
Forward-Looking Statements
In addition to historical information, the statements set forth above may include forward-looking statements that may involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results could differ materially from the expectations contained in forward-looking statements as a result of risks and uncertainties, including, but not limited to, conditions being met for the closing of the Securities Purchase Agreement such as shareholder approval, adverse capital and credit market conditions, the vulnerability of the Company's business to a general economic downturn in China and globally; the Company's dependence on government contracts, changes in the laws of the PRC that affect the Company's operations, fluctuation and unpredictability of costs related to the Company's products and services, the Company's dependence on the steel and aluminum markets, reduction or reversal of the Company's recorded revenue or profits due to "percentage of completion" method of accounting and expenses, and costs associated with its convertible bonds, regulatory approval requirements and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's reports and other filings with the Securities and Exchange Commission.
For more information, please contact:
Investor Contact:
ICR:
Michael Tieu
Tel: +86-10-6599-7960
Email: michael.tieu@icrinc.com
Bill Zima
Tel: +1-203-682-8200
Email: bill.zima@icrinc.com
SOURCE China Architectural Engineering, Inc.
http://www.caebuilding.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.