China HGS starts construction on Hanzhong Oriental Mingzhu residential project
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China HGS starts construction on Hanzhong Oriental Mingzhu residential project

09 May 2012

Property developer China HGS Real Estate has started construction on theRMB800m ($126m) Oriental Mingzhu residential project in Hanzhong, Shaanxi province, China.

Property developer China HGS Real Estate has started construction on the RMB800m ($126m) Oriental Mingzhu residential project in Hanzhong, Shaanxi province, China.

Upon completion, the development will comprise 12 residential towers on a 62,700m² site.

City authorities have approved the zoning plans of the project, which will have a floor area of 261,000m², of which 211,000m² will be built above ground and another 50,000m² will be used for underground parking.

China HGS chairman and chief executive officer Xiaojun Zhu said the company has been planning the project for the last two years.

"In the next few years, we believe the real estate market in Hanzhong and the surrounding region will continue its strong growth," Zhu said. "We will methodically allocate capital and resources according to plan and strive to make Oriental Mingzhu our next home run."

China HGS Real Estate, through its subsidiary Shaanxi Guangsha Investment and Development Group, develops real estate projects in China’s third-tier and fourth-tier cities.