China HGS Begins Construction on Oriental Mingzhu Residential Project

China HGS Real Estate Inc. HGSH today announced that it has entered the construction phase for its Oriental Mingzhu residential project in downtown Hanzhong. Oriental Mingzhu is centrally located in the heart of Hanzhong and offers apartments to a wide range of residential buyers. When completed, the development is expected to consist of 12 residential towers, encompassing 62,700 square meters of land usage. Zoning plans approved by relevant PRC authorities include building plans of 261,000 square meters, of which 211,000 square meters will be above ground and another 50,000 square meters will be underground parking. Total investment is estimated to be RMB 800 million of which RMB 197 million has been paid as of April 30, 2012.