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Press Releases

The Legend, Shanghai Westwood III Commences Grand Sales Today 217 Units Sold within Two Hours

13 Nov 2010

13 November (Saturday) – The Legend, Shanghai Westwood III, a project located in Shanghai’s Daning International Community developed by K. Wah International Holdings Limited (“KWIH” or “the Company”), has commenced public sales today after receiving pre-sale permit with overwhelming response attracting more than 2,000 potential buyers and some of them started waiting outside the sales office as early as 6 o’clock in the morning. Mr. Wilson Chan, Director – Sales & Marketing of KWIH, said, “The first batch of 217 units in Block 17 of The Legend is swiftly sold within two hours after its debut. In view of the vigorous response, additional 283 new units in Block 15 and Block 16 are immediately launched for sale at the site. Transaction value was RMB30,000 to RMB41,000 per sqm. As at 6 o’clock in the evening, 450 units were sold, accounting for 90% of all units available for sale and generating approximately RMB1.4 billion in sales proceeds. We are very satisfied with overall sales and transaction prices.”

According to Mr Chan, the selling price of the units of The Legend was between RMB2.2 million and RMB6.5 million. “Of all units, the prime two-bedroom units with windows facing the south and the north were most popular with the connected units on the high floor in Block 16 fetching the highest price. The buyers were mainly purchasing the units for their own use or changing flats. About 60% of them were residents near the project and some of them are splinter family groups. Some buyers were friends of existing residents of Shanghai Westwood I and II. Attracted by the comfortable living environment and transportation convenience of Shanghai Westwood, they hence purchase The Legend for their own use. Due to the vigorous market response, the Company will apply to the responsible Government authorities for the pre-sale permit for Block 18 and hopes to launch more new units to meet the strong market demand.”

Introduction of The Legend, Shanghai

The Legend, developed by K. Wah International Holdings Limited, is the last phase of Shanghai Westwood. Located in the prime area of the Daning International Community in Shanghai, The Legend boasts convenient transportation and is just a half hour living circle from The Bund, Lujiazui, Pudong and Nanjin Xi Road. The project is adjacent to the Shanghai Metro Line 1, with the South-North Viaduct and the Inner Ring Viaduct, and also opposite to the 680,000 sqm. Daning Greenery with a comprehensive range of facilities including shopping malls, a sports ground, a hospital and a bank. The project is also located within a prestigious school district.

The project includes 1,113 units with a total gross floor area of 130,000 sqm. in four residential and one serviced apartment blocks. The Legend features the identical American architectural style of the rest in the Westwood community, creating a “Hip Life” environment. Its clubhouse Club Legend was designed by international renowned architect Mr Steve Leung, and adopts the “Hip Life” concept into the comprehensive facilities including the 25m-long constant temperature swimming pool, wine & cigar room, fitness facility, yoga area, karaoke and piano rooms etc. Residents may use other services such as 24-hour WiFi, and lease of iPads and game consoles. Private party arrangement services are provided and other attractive activities are held all year round, making it a unique and stylishly appointed clubhouse in the city.

About K. Wah International Holdings Limited (stock code: 173)

K. Wah International Holdings Limited, listed in Hong Kong in 1987, is the property flagship of K. Wah Group. KWIH aims at establishing a position of large-scale integrated property developer and investor in the Greater China region. With a property portfolio encompassing premium residential developments, Grade-A office towers, retail spaces, hotels and serviced apartments, KWIH has a presence in Hong Kong, Shanghai, Guangzhou and Southeast Asia. Driven by a keen market sense and a versatile strategy, and backed by strong financial capability, KWIH has built up a sizeable and prime land reserve in major cities of China, and thus a strong foothold for future growth. KWIH has received several international accolades for its outstanding quality and service. Awarded Business Superbrands in the property development sector in 2006, KWIH was also the only winner in the Hong Kong Property Developer category of the High-Flyer Outstanding Enterprises consecutively in 2006 and 2007.