www.pmhl.co.uk
Prosperity is an iron ore trader serving customers in the People's Republic of China (the 'PRC') and holds investments in entities involved in the manufacture and sale of cement and clinker in the same market.
Prosperity also has a real estate division and has recently entered into a number of conditional agreements designed to build up a portfolio of PRC property and development assets.
Prosperity Minerals encouraged by first apartment sales at Guangzhou City development
Prosperity Minerals Holdings (LON:PMHL) said it made the first presales of residential units at the Oriental Landmark development, Guangzhou City, on December 25 2011.
Of the 184 units put up for sale, 79 were sold in the first two weeks up to January 8 2012. “This is encouraging with both prices and results in line with the company's expectations,” it told investors.
The company continues to monitor prevailing market conditions to determine presale schedules and prices for units in the remaining three residential blocks and expects presales of all four residential blocks to have commenced by the end of 2012.
Prosperity is focused on real estate ownership and development in China, and is invested in two cement manufacturers in the country. It announced in September 2010 that it was selling its iron ore trading business or US$38.6 million to its controlling shareholder, Prosperity International Holdings, so that it can focus on Chinese real estate.
Prosperity acquired the Oriental Landmark property development project, previously referred to as Dongfang Wende Plaza, in August 2010.
Since acquisition, the company has incurred some additional construction costs, administrative expenses and taxes. Nonetheless, based on current presale results and market conditions, management expects a good return on the sale of the residential units in this development, it said.
Chairman and chief executive David Wong: "Current presale results reflect the strong demand for high end residential property in downtown Guangzhou City. I believe presales from all the residential units, once completed, will provide the company with a good return and that rental income from the commercial units will provide long term recurring income."


















