Message #3 From:
NewsBot Date: August 29, 2006 06:00:00 AM
CPDV News China Properties Developments, Inc. Engages Sandler O'Neill Mortgage Finance L.P., LLC as Introducing Broker
XI'AN, China--(BUSINESS WIRE)--Aug. 29, 2006--China Properties Developments, Inc. (OTCBB:CPDV) through its majority owned subsidiaries, is primarily engaged in the acquisition and development of land holdings, and the development, sale, rental, and management of mixed-use residential, commercial and office properties in the City of Xi'an, the capital of Shaanxi Province in the People's Republic of China, recently filed its Form 8-K with the United States Securities and Exchange Commission announcing its Introducing Broker Agreement with Sandler O'Neill Mortgage Finance L.P. ("Sandler O'Neill").
Sandler O'Neill has been engaged by China Properties Developments Inc. to introduce the Company to one or more banks or other financial institutions to facilitate one or more loans or financing to the Company for the express purpose of financing the Yan-Ta Shopping Plaza, located in Xi'an, China. The Loan may facilitate the development and construction of the Shopping Plaza being developed by Shaanxi Xinyuan Real Estate, Co. Ltd., a Chinese company to which China Properties expects to obtain a controlling interest under a purchase agreement dated February 16, 2006. The Loan will be subject to the execution of all loan commitments and customary loan agreements to be executed between the Company and the Lender. The Company shall determine, in it soles discretion, whether to enter into any transaction with a Lender.
Mr. Charles Smith, Vice President, Sandler O'Neill Mortgage Finance said, "We are excited to be working with China Properties Developments Inc. Our team will focus on communicating China Properties' needs to the financial community and introducing China Properties Developments Inc. to potential funders for the Yan-Ta Shopping Plaza development project."
Steven Lou, Director, Executive VP and CFO of China Properties Developments, Inc., stated, "We are very pleased to have engaged Sandler O'Neill as China Properties' Introducing Broker. Sandler O'Neill is one of the largest investment banking firms serving the real estate industry and we are confident they will greatly assist China Properties in attaining our long term corporate financing objectives."
About Sandler O'Neill
Sandler O'Neill was founded in 1988 with a single mission -- to help financial institutions increase their franchise values through the execution of sound financial strategies. Today, Sandler O'Neill is one of the largest investment banking firms exclusively serving banks, thrifts, insurance companies and REITs.
Sandler O'Neill Mortgage Finance L.P. helps clients maximize the value of their performing and non-performing loan portfolios. The firm is one of the most experienced in this sector, advising on more than 464 transactions with an aggregate principal amount of $22.6 billion in the last ten years. We execute secondary market purchase, sale and securitization transactions for performing and non-performing residential, consumer, multi-family and commercial mortgage loans and real estate-related assets.
About The Company
China Properties Developments, Inc. through its majority owned subsidiaries, is primarily engaged in the acquisition and development of land holdings, and the development, sale, rental, and management of mixed-use residential, commercial and office properties in the City of Xi'an, the capital of Shaanxi Province in the People's Republic of China. One of China's most ancient cities, Xi'an is a thriving cultural, historical and intellectual center, with population of more than 6 million. The Company has completed development of the Jiahui Office Building, Oufengyuan Office Building, Jixiang Garden Residential Project, and Yangming International Tower. Currently there are three specific projects that are in various stages of negotiations and planning, they are: Garden Villa, Bali Village and the Great Tang Hibiscus Garden. The total assets of the Company are over US$25 million. The Company recently entered into an agreement to acquire Shaanxi Xinyuan Real Estate Co., developer of the Yan-Ta Shopping Mall. For more information go to www.chinapropertiesdevelopments.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the companies, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the companies disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
