NEW YORK, Oct. 7, 2010 (GLOBE NEWSWIRE) -- Xuan Wu Group Holding Company (Pink Sheets:XNWU) is pleased to announce that they have definitely purchased property adjacent to the West Beijing Transit Station and have begun development of the "Beijing West Transit Station South Mall". The Company plans to rename the South Mall as the "Wanbohui Shopping Center" and develop it as a mixed-use project including shopping/retail and a parking garage.
Cost of the completed project will be more than $200M over 10 years, and financing is being provided for by a combination of bank loans and company resources. The project will encompass 74,000 square meters with 57,000 of space slated for retail and commercial and the remainder for parking.
Mr Jinhui Guo, President, stated, "We've been working on getting the rights to this deal now for quite some time. We find this location on the 3rd Ring extremely exciting, as it's adjacent to a very busy transit hub that services 300,000 people on a daily basis with additional traffic projected by the near future development of of a metro stop servicing the No. 9 Metro line. Our financial forecast was based on the growth of the area as an even greater transit hub and the scarcity of parking. The financial projections were conservatively based on current lease rates on other 3rd and 4th ring projects and comparative parking rates with cost escalations.
About Xuan Wu Group Holding Company
Founded in 1985, the Xuan Wu Group Holding Company is a multi-faceted holding company with interests in nonmetal mining, Yi Ink stone, continuous basalt fiber, forest preservation and real estate development. The Company has been nominated as a leading enterprise of Industry in Hebei Province and the Baoding Economic Zone. The Company is responsible for the mining of raw materials and construction of "first class" road and rail projects within the Province. For further information, please see
CONTACT: Xuan Wu Group Holding Company Investor Relations: Richard Oravec 212-924-3548 rick@vircomglobal.com