that the Company signed its second shanty area rebuilding framework agreement with the Hantai District government of Hanzhong City.
Pursuant to the agreement, the Company will be engaged in development of shanty areas surrounding the Lianhuachi Area located in the Hantai District, Hanzhong City. The estimated investment in the project is approximately US$750 million. The local government will coordinate with the Company to implement the reform plans. The Company will closely work with local government on the detail implementation plan and manage the project progress.
“We are excited by signing both the Liangzhou road area and Lianhuachi shanty area rebuilding project agreements with the local government,” stated Mr. Xiaojun Zhu, Chief Executive Officer of China HGS Real Estate, Inc. “These two projects are not only important public welfare projects for the local community to improve housing conditions and people’s livelihoods, but also promote local economic development. By rebuilding shanty areas, more opportunities will be provided for both local enterprises and residents, which help facilitate sustained and healthy economic development. As a leading regional real estate developer, we look forward to contributing great efforts to our local community”