ACHL.L Regulatory News (ACHL)

26 Jun 2007 07:02

Asian Citrus Holdings Ltd26 June 2007 For immediate release 26 June 2007 Asian Citrus Holdings Limited ("Asian Citrus" or "the Group") Pre-sale of units of the Xinfeng Development Asian Citrus, the largest orange plantation owner and operator in China,announces that the Group has been granted the Forward Sell Licence For CommodityHouse (the Pre-sale Licence) by the Jiangxi Provincial Construction Bureau andthe pre-sale of the units started in May 2007. As announced on 1 September 2006, the Group is developing two parcels of landoccupying a total area of approximately 0.2 sq. km in the Xinfeng CountyZhongduan Industrial Park for the establishment of an agricultural wholesalers'market and an orange processing centre (the "Xinfeng Development"). The projectinvolves the construction of approximately 150,000 sq. metres of commercialunits, together with a car park, a block of serviced apartments and otherancillary services. A total of around 650 commercial units are expected to besold to local producers, who will use the units to sell their produce. It is theplan of the Group to undertake the Xinfeng Development in three phases. Due tocertain amendments in the development plan, the number of units in phase 1 hasbeen revised from 252 units to 238 units. On 6 May 2007, the Group was granted the Pre-sale Licence by the JiangxiProvincial Construction Bureau and the pre-sale of the units of the XinfengDevelopment started simultaneously. As at 22 June 2007, 184 units, representingapproximately 77% of the total units available for sales in phase 1, have beensold during the pre-sale with a total consideration of approximately RMB54.6million (£3.58million). RMB920,000 (£60,000) has been received by the Group asdeposit as of today and 30% of the consideration will be received from therespective buyers as down payment on or before 2 July 2007. The remaining willbe paid upon completion of application of mortgage by the respective buyers,which is expected to be completed no later than 45 working days from the signingof the official sale and purchase agreement. Tony Tong, Chairman and CEO, commented; "The Xinfeng Development is one of thelargest agricultural trade and wholesale market in the southern part of Chinawhich represents a landmark to the Group's latest development. " "The success of the phase 1 of the Xinfeng Development has indicated that thereis a strong demand for agricultural wholesalers' markets in China. We believethat the Xinfeng Development will provide long term commercial benefits to theGroup as we continue to build our position as a major supplier of high qualityoranges in China." About Asian Citrus Holdings Limited Asian Citrus Holdings Limited is the largest orange plantation owner andoperator in China and has two plantations in the Hepu county of the GuangxiZhuang Autonomous Region and the Xinfeng county of the Jiangxi province ofChina. Its primary goal is to sell quality oranges at an affordable price and inso doing, strengthen its position as a leading, mechanised and industrialisedorange grower and distributor in China. For Further Information Contact: Terry Garrett/ John MoriartyWeber Shandwick Financial 0207 067 0700 Michael Wentworth-Stanley/James MitfordJPMorgan Cazenove 0207 588 2828 This information is provided by RNS The company news service from the London Stock Exchange