Shenzhen, china, August 6, 2021 / PRNewswire / – Nam Tai Property Inc. (“Nam Tai“or the” Company “) (NYSE: NTP) is pleased to announce today that the Company (through its affiliate) has obtained the presale permits for rounds 1, 2 and 6 of Nam Taiâ¢ Longxi activated July 30, 2021. The Company has started the pre-sale of the first batch of approximately 260 residential units which is equivalent to 27,899 square meters on August 6, 2021 (the units) “). The average selling price per square meter of the Units will not exceed 22,939 RMB (or $ 3,551) which is in accordance with the approval of the Office of Housing and Urban Rural Development of Dongguan.
Dr. Lai Ling Tam, executive chairman of the company, said: âThe company operated in a difficult environment with limited financial resources, which delayed the progress of construction. The start of the presale of Nam Taiâ¢ Longxi is one of the key steps in addressing liquidity issues that are slowing progress. The Board of Directors and the management team have diligently executed our corporate strategy and will continue to act in the best interests of our shareholders. ”
RISKS RELATED TO THE PRESALE OF NAM TAI â¢ LONGXI
The PRC government has put in place restrictive measures in an attempt to curb rapidly rising house prices and speculative activity. In particular on the Dongguan housing market, the local government has also enacted restrictive measures to curb the rapid rise in housing prices. For example, on February 27, 2021, the Housing and Urban Rural Development Office of Dongguan, the Municipal Bureau of Natural Resources and six other departments jointly issued a “Notice on Further Regulating Real Estate Market Regulation” to curb speculation and excessive price increases. On April 29, 2021, the Housing and Urban Rural Development Office of Dongguan, the Dongguan Department of Commerce and Industry and the Real Estate Property Register of Dongguan jointly issued a “Notice on the Continued Orientation of the Selling Price of Basic Housing” in order to restrain the price of newly marketed housing. Further away July 9, 2021, the Housing and Urban Rural Development Office of Dongguan issued a “Notice on the declaration of the price of the new housing project of raw materials” stipulating the rules to control the price of the new housing of raw materials and land tenders in order to curb speculation and excessive price increases . On August 2, 2021, the Housing and Urban Rural Development Office of Dongguan, Municipal Bureau of Natural Resources, Dongguan Administration for Market Regulation and Real Estate Registry of Dongguan jointly issued a âNotice on Further Regulation of the Real Estate Marketâ in order to restrict the price of newly marketed homes and curb speculation in the market. Even though the Company has obtained the pre-sale permits, there can be no assurance that the pre-sale will be successful and we will receive payments regarding the pre-sale in a timely manner from the buyer of Nam Tai â¢ Longxi and / or their respective mortgage creditors, which could adversely affect our liquidity and financial condition.
FORWARD-LOOKING STATEMENT AND FACTORS THAT COULD LEAD TO A DROP IN OUR SHARE PRICE
Certain statements included in this Press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “could”, “could”, “could”, “could”, “continue”, “estimate”, “expect”, “expect” “,” intend “,” plan “,” search “or” schedule “. These forward-looking statements, which are subject to risks, uncertainties and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business and the industry in which we operate. These statements are only predictions based on our current expectations regarding future events. There are several factors, many of which are beyond our control, that could cause results to differ materially from our expectations. These risk factors are described in our Annual Report on Form 20-F and in our ongoing reports filed on Form 6-K from time to time and are incorporated herein by reference. Any of these factors could, by themselves or in conjunction with one or more other factors, adversely affect our business, results of operations or financial condition. There may also be other factors currently unknown to us, or which we have not described, that could cause our results to differ from our expectations. Although we believe that the expectations reflected in forward-looking statements are reasonable, we cannot guarantee future results, activity levels, performance or achievements. You should not rely on forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date of this announcement; as such, they should not be unduly relied on as circumstances change. Except as required by law, we are not obligated, and we assume no obligation, to publicly release any revision of these forward-looking statements that may reflect events or circumstances occurring after the date of this press release or those that could reflect the occurrence of unforeseen events.
ABOUT THE NAM TAI INC. PROPERTY
We are a real estate developer and operator, primarily doing business in Mainland China. Our main land resources are located in the Guangdong-Hong Kong-Macao Greater Bay Area (âGreater Bay Areaâ) and Wuxi, China, including the three plots in Shenzhen will be developed in Nam Tai Inno Park, Nam Tai Technology Center and Nam Tai Inno Valley. We plan to build these technology parks in iconic parks in the region and provide high quality industrial offices, industrial service spaces and tenant support dorms. Based on the experience of developing and operating technology parks and an industrial relations network accumulated over the past 40 years, we have also exported the operating model of technology parks to other industrial properties . Through a thin asset model, we have leased industrial properties for repositioning and business invitation. We will also develop the commercial and residential real estate activity by China as an ancillary development strategy for the Company. As the growth prospects of China maintain, we will seize development opportunities in the Grande Baie region and other first and second tier cities in China, and continue to strengthen and develop the business of industrial real estate, commercial and residential properties. Nam Tai Property Inc. is a company registered in British Virgin Islands and listed on the New York Stock Exchange (Symbol: “NTP”).
Ira Gorski, Edelman
Email: [email protected]
Media and Investor Relations, Nam Tai Property Inc.
Email: [email protected]
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SOURCE Owned by Nam Tai Inc.