Mainboard-listed The Place Holdings, announced on May 5, that its land site has been assessed and revalued at RMB481 million ($99.2 million), 329% higher than the valuation of RMB112 million as at Sept 30, 2020.
The revaluation was done by Chinese valuation company WorldUnion Property Assessment Co.
The site is held by the group’s subsidiary, Tianjie Yuntai Wanrun (Xiuwu) Property Development.
The size of the land site measures around 270,500.64 sqm and is located within Mount Yuntai Tourist Township.
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The township includes planned hospitality properties, wellness resorts, integrated retail and commercial developments and theme parks, which are currently under development.
The revaluation was based primarily on the change in zoning from commercial to residential. It also takes into consideration the increase in land-use rights assigned to the land from its existing 40 years to 70 years, larger buyer group as well as the current developments and completed infrastructure surrounding the area.
“With Mount Yuntai’s strategic location that is within an hour’s drive from a catchment zone of nearly 40 million people, the substantial increment in value of our land site from the revaluation highlights the underlying value and strong prospects of Mount Yuntai Tourist Township,” says Ji Zenghe, executive chairman of The Place Holdings.
“Integrating new digital solutions with traditional property development approach, there is strong potential for us to create new value propositions with our land site that caters to the demand for quality accommodations at Mount Yuntai,” he adds.
Shares in The Place Holdings closed 0.5 cent lower or 3.8% down at 12.6 cents on May 5.
