SHENZHEN, China, Aug. 6, 2021 /PRNewswire/ -- Nam Tai Property
Inc. ("Nam Tai" or the "Company")
(NYSE: NTP) today is pleased to announce that the Company (through
its subsidiary) obtained the pre-sale permits for towers 1, 2 and 6
of Nam Tai • Longxi on
July 30, 2021. The Company commenced
the pre-sale of the first batch of approximately 260 residential
units which are equivalent to 27,899 square meters on August 6, 2021 (the "Unit(s)"). The average
per-square-meter sales price of the Units will be no more than
RMB22,939 (or USD3,551) which is in accordance with the
approval of the Bureau of Housing and Urban Rural Development of
Dongguan.
Dr. Lai Ling Tam, Executive
Chairman of the Company, commented, "The Company has been operating
in a challenging environment with limited financial resources,
delaying construction progress. The commencement of the pre-sale of
Nam Tai • Longxi is one of
the key steps in addressing the liquidity issues that are slowing
progress. The Board and management team have been diligently
executing against our corporate strategy, and will continue acting
in the best interest of our shareholders."
RISKS RELATED TO THE PRE-SALE OF NAM TAI • LONGXI
The PRC government has been rolling out restrictive measures
with the objectives to curb the rapid price increase in housing and
speculation activities. In particular on the Dongguan housing market, the local government
has also promulgated restrictive measures to curb rapid rise in
housing price. For instance, on February 27,
2021, the Bureau of Housing and Urban Rural Development of
Dongguan, Municipal Natural
Resources Bureau and six other departments jointly issued a "Notice
on the Further Regulating of the Real Estate Market Regulation" to
curb speculation and excessive price increases. On April 29, 2021, the Bureau of Housing and Urban
Rural Development of Dongguan, the
Trade and Industry Department of Dongguan and the Immovable
Property Registry of Dongguan have
jointly issued a "Notice on Further Guiding the Selling Price of
Commodity Housing" to restrict the pricing of the newly marketed
commodity housing. Further, on July 9,
2021, the Bureau of Housing and Urban Rural Development of
Dongguan has issued a "Notice on
Declaring the Pricing of the New Commodity Housing Project"
stipulating the rules to control the price of the new commodity
housing and land tendering so as to curb speculation and excessive
price increases. On August 2, 2021,
the Bureau of Housing and Urban Rural Development of Dongguan, Municipal Natural Resources Bureau,
Dongguan Administration for Market Regulation, and the Immovable
Property Registry of Dongguan have
jointly issued a "Notice on the Further Regulating of the Real
Estate Market" to restrict the pricing of the newly marketed
commodity housing and to curb market speculation. Even though the
Company has obtained the pre-sale permits, there is no assurance
that the pre-sale will be successful and we will receive payments
regarding the pre-sale in a timely manner from the purchaser of
Nam Tai • Longxi and/or their
respective mortgagees, which may adversely affect our liquidity and
financial condition.
FORWARD-LOOKING STATEMENT AND FACTORS THAT COULD CAUSE OUR
SHARE PRICE TO DECLINE
Certain statements included in this press release, other than statements of
historical fact, are forward-looking statements. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "may", "might", "can", "could",
"will", "would", "anticipate", "believe", "continue", "estimate",
"expect", "forecast", "intend", "plan", "seek", or "timetable".
These forward-looking statements, which are subject to risks,
uncertainties, and assumptions, may include projections of our
future financial performance based on our growth strategies and
anticipated trends in our business and the industry in which we
operate. These statements are only predictions based on our current
expectations about future events. There are several factors, many
beyond our control, which could cause results to differ materially
from our expectation. These risk factors are described in our
Annual Report on Form 20-F and in our Current Reports filed on Form
6-K from time to time and are incorporated herein by reference. Any
of these factors could, by itself, or together with one or more
other factors, adversely affect our business, results of operations
or financial condition. There may also be other factors currently
unknown to us, or have not been described by us, that could cause
our results to differ from our expectations. Although we believe
the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance, or achievements. You should not rely upon
forward-looking statements as predictions of future events. These
forward-looking statements apply only as of the date of this
announcement; as such, they should
not be unduly relied upon as circumstances change. Except as
required by law, we are not obligated, and we undertake no
obligation, to release publicly any revisions to these
forward-looking statements that might reflect events or
circumstance occurring after the date of this press release or
those that might reflect the occurrence of unanticipated
events.
ABOUT NAM TAI PROPERTY INC.
We are a real estate developer and operator, mainly conducting
business in Mainland China. Our main land resources are located in
the Guangdong-Hong Kong-Macao
Greater Bay Area ("Greater Bay Area") and Wuxi, China, of which the three plots in
Shenzhen will be developed into
Nam Tai Inno Park, Nam Tai Technology Center and Nam Tai Inno Valley. We plan to build these
technology parks into landmark parks in the region and provide
high-quality industrial offices, industrial service spaces and
supporting dormitories to the tenants. Based on the experience of
developing and operating technology parks and an industrial
relationship network accumulated over the past 40 years, we have
also exported the operation model of technology parks to other
industrial properties. Through an asset-light model, we have leased
industrial properties for repositioning and business invitation. We
will also expand the commercial and residential property business
in China as an auxiliary
development strategy of the Company. As the growth prospects of
China maintain, we shall seize
development opportunities in the Greater Bay Area and other first-
and second-tier cities in China,
and continue to strengthen and expand the business of industrial
real estate, and commercial and residential properties. Nam Tai
Property Inc. is a corporation registered in the British Virgin Islands and listed on the New
York Stock Exchange (Symbol: "NTP").
Please refer to our corporate website (https://www.namtai.com/)
or the SEC website (www.sec.gov) for our press releases and
financial statements.
Contacts
Ira Gorsky,
Edelman
Email: Ira.gorsky@edelman.com
Cell: 732-740-5872
Media and Investor Relations, Nam Tai Property Inc.
E-mail: ir@namtai.com.cn
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nam-tai-property-announces-the-commencement-of-pre-sale-of-nam-tai-longxi-301350183.html
SOURCE Nam Tai Property Inc.