Harvest Capital Partners Extends Footprints to Suzhou
Acquires a Mixed-Use Property Development with Aggregate Construction
Area of 149,000 Sq.m.
3 June, 2008, Hong Kong – Harvest Capital Partners, a specialized investment firm that
specializes in real estate investment funds in Greater China, is pleased to announce that it
has entered into an agreement with a wholly-owned subsidiary of SPF Land (Holdings)
Limited (HKSE: 337) (“SPG Land”) to acquire a mixed-use development project in Suzhou
with an aggregate construction area of approximately 149,000 sq.m.
Commenting on the acquisition, Mr. Rong Ren, CEO of Harvest Capital Partners, said, “We
are very delighted to close another transaction while extending our footprints to Suzhou, a
fast growing second tier city in the Yangtze River Delta region. According to the National
Bureau of Statistics of China, Suzhou recorded a year-on-year GDP growth of 16.1% in 2007,
offering strong potential for real estate developments.”
Harvest Capital Partners and SPG Land will jointly develop the project, Suzhou Ruihua
Global Mansion. It will comprise a 44-storey composite office and luxurious residential
apartment tower and a 49-storey serviced apartment tower above a 4-storey retail podium
with a 3-level underground car park, with an expected completion date by the end of 2010.
The project is located at the central business district of Suzhou Industrial Park to the west of
Jinji Lake. Started in 1994, Suzhou Industrial Park is the landmark venture between the
Chinese and Singaporean governments to develop a modern industrial township leveraging
the Singaporean experience. It has now become an internationally renowned high-tech
industrial park and a modern and comprehensive residential and commercial community
offering excellent accessibility.
Mr. Ren commented that, “adding to our existing presence in Beijing, Chongqing, Hong Kong
and Guiyang, Harvest Capital Partners is firmly established as one of the most efficient real
estate private equity funds in the market in terms of capital deployment. Our impressive track
record has reaffirmed our ability to gain unrivalled access to prime and off-market deals to
capture the opportunities presented by the rapidly expanding PRC property market.”