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Goodman to jointly masterplan 4.25 square kilometre premier mixed-use property development in Langfang

Tuesday, 24 April 2012

Goodman Group (“Goodman” or “Group”), the integrated property group which owns, develops and manages industrial space, today announced that it has entered into a 50:50 joint venture with property developer Vast Group to masterplan a 4.25 square kilometre premier mixed-use property development with the Langfang Government in Langfang, Hebei Province in China.

Located on a 4.25 square kilometres land parcel in the Guangyang Development Incubation Park, approximately 10 kilometres from the city centre of Langfang, the site will be turned into a comprehensive business park. Construction of the infrastructure will commence in the second half of this year with the entire project to be developed over 10 years.

Greg Goodman, Chief Executive of Goodman, said, “We are very pleased to be a strategic partner for this prime development in Langfang. We aim to employ our international expertise and best practice in business park development and master planning to turn this site into a world class, environmental y friendly mixed-use business park, consistent with the high quality of all our developments around the world. In addition, we are still working toward securing another five square kilometre masterplanning opportuity in Langfang.”

Mr Wang Jianjun, Chairman of Langfang Vast Group said, “With Vast Group’s deep knowledge of the local market and strong track record in property development, we know that this will be a rewarding partnership that will result in a very successful project here in Langfang.”

Langfang has, and is set to continue to benefit from the significant transportation infrastructure upgrades such as the high-speed railway link between Shanghai and Beijing which reduces the travelling time between Beijing and Langfang to less than 15 minutes, the proposed second Beijing airport, the extension of the Beijing ring road network and the new Beijing-Taiwan highway due for completion in 2013.

Mr Goodman added, “This project is located in a very strategic area, which is designated as the future CBD of Langfang. Its proximity to transportation networks including rail, airports and road underscores its importance as a satellite city serving Beijing.”

Philip Pearce, Managing Director Greater China for Goodman said, “This is the biggest project we have undertaken in China to date, and is consistent with our strategy to build a strong presence in the Beijing-Tianjin corridor.”

Goodman’s commitment to the growth of its business in Greater China is evident through an intended ten-fold increase in investments from the current RMB1.9 billion to RMB19 billion by 2017. The Group currently has a number of developments projects underway in Shanghai, Kunshan, Suzhou and Beijing, and advanced planning in Chengdu and Tianjin.

Mr Pearce added, “Demand for logistics space remains strong in China amid a shortage of supply of high quality developments. With China as a key area of focus for Goodman, we continue to assess more investment opportunities and expect to announce a
number of new initiatives in the coming months.”

– Ends – 

For further information, please contact:

Besy Leung
Marketing Director, Asia
Tel + 852 2249 3149 / 6111 9452

Citigate Dewe Rogerson
Charlotte Bilney
Co-Managing Director
Tel +852 3103 0103/9314 3463

Jasmine Yap
Co-Managing Director
Tel +852 3103 0108/9325 3363

About Goodman

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About Vast Group

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