Sino-Ocean Land Announces Block Sale of Beijing High-end Serviced Apartment,at Total Consideration of RMB 433m

2008-07-23

Sino-Ocean Land Holdings Limited (“Sino-Ocean Land” or the "Company", HKSE stock code: 3377), one of the largest real estate developers in Beijing, announced the sale of the whole block of Ocean Honored Chateau Block A, a wholly owned hotel-style serviced apartment, to CB Richard Ellis Investors, LLC (“CBRE Investors”), a renowned US-based global real estate investment management company.

Total gross floor area (“GFA”) of the block sold is 17,065 sq.m. and the total consideration was approximately RMB 433 million, equivalent to approximately RMB 25,400 per sq.m. The estimated delivery time of the roughcast is end of May 2009.

About Ocean Honored Chateau

Located at the core of the Lufthansa business district, home to regional offices of many of Fortune 500, Ocean Honored Chateau comprises a high-end residence and a hotel-style serviced apartment. It is next to Beijing’s Third Embassy Area and the intersection of Beijing’s Airport Expressway and the East Third Ring Road. Ready-to-open Airport Express Railway will run through this hub with a station in its neighborhood. The project is designed and equipped as per standards of deluxe hotels. The “hanging gardens” inside the structure add natural landscape to its impressive luxuriousness. Total GFA of blocks A and B is 52,091 sq. m. Retail sales of Block B continue after the sale of Block A.

Mr. LI Ming, Chief Executive Officer of Sino-Ocean Land, said, “CBRE Investors is a globally reputable real estate investment management company keen on investing in the China market. It is very encouraging that CBRE Investors appreciates Ocean Honored Cheteau and bought the whole Block A. With abundant experience in real estate development in Beijing and Pan-Bohai region, our projects have gained wide recognition from the market. Ocean Honored Chateau possesses prime location and excellent planning that make it stands out from its counterparts. CBRE Investors’ decision also shows their recognition of the project. We believe the transaction is a win-win situation to both parties.”

Mr. GU Hong, Executive Director of CBRE Investors, stated that, “We are very optimistic about China’s real estate market. Ocean Honored Chateau is an outstanding project rarely seen in Beijing with excellent location, design and ancillaries. It is a precious investment opportunity, and we are satisfied with the transaction. Sino-Ocean Land is a leading Beijing-based real estate developer with rich experience in developing high-end properties in Beijing market. We look forward to more prime projects introduced by Sino-Ocean Land.”