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RAPAPORT... The Wuhan Housing Security and Management Bureau in Wuhan, China gave the green light to Kingold Jewelry Inc. to presell commercial property at the Kingold Jewelry International Industrial Park (Jewelry Park). The bureau authorized presales through two certificates, which cover five commercial buildings that occupy approximately 123,600 square meters, according to Kingold. The Jewelry Park's outer shell was recently completed, ending the first phase of construction on the massive project.
Kingold anticipates using proceeds from early property sales to complete construction on the Jewelry Park, which is scheduled for completion this year, and host a grand opening in December.
Zhihong Jia, the chairman and CEO of Kingold, said, "We are pleased to have received approval from the local government to move forward in preselling several of our properties, which was a necessary requirement as we move forward. We have received considerable interest in the properties from potential buyers as the Jewelry Park has begun to take shape and are focused on completing all phases of the development for this project." Kingold acquired the property rights to build the Jewelry Park in October 2013 in Wuhan for approximately $164 million and intends to occupy some of the space for its own business purposes. In addition, the Jewelry Park will offer other jewelry manufacturers in China the opportunity to lease space, and Kingold expects to sell developed commercial and residential units to individual and corporate buyers.
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