On 8 June 2009, Shimao Property successfully acquired a prime site in Xiamen, Fujian at a consideration of RMB 3.02 billion. The site is located in the Lakeside Reservoir Area in Xiamen City: south to the planned road Guanri West Road, east to Jinbian Road, west to the planned road Jinqiu Road and north to the planned road Jinbi Road. The area is one of the premium residential areas in the city. The site occupies an area of approximately 137,000 sq.m. and with an aggregated planned GFA of approximately 453,000 sq.m.. It is preliminarily planned to be developed into a high-end composite residential area comprising residential and retail commercial developments.

Xiamen City is renowned for a home city of overseas Chinese and Chinese nationals resided in Taiwan. It is among the four special economic zones developed in the earliest stage of China’s economic reform. It is a core leading city in the Taiwan Strait West Coast Economic Zone (“Strait West Zone”). It is a port-view tourist city that reaches international standards. It has won the Habitat Scroll of Honor Award by the United Nations Human Resettlement Programme, the International Awards for Livable Communities, the China Human Resettlement Award and named one of the 10 Best Living City in China, etc.

Fujian have been pooling in a lot of efforts developing the Strait West Zone since an initiative for this move was first announced in 2004. These efforts have escalated the composite strength. In order the accelerate the development of the Strait West Zone which is instrumental to the well-being of the economy of Fujian Province as a whole, the State Council of the Central Government of China stipulated in May this year a policy document titled “Opinions on accelerating development of the Taiwan Strait West Coast Economic Zone in Fujian Province”. This document defined clearly the Strait West Zone as a pilot zone for exchanges between residents on the two coasts of the Taiwan Strait. The manufacturing base for advanced industries located in the coastline area in the eastern part of the city will be groomed into an important tourist district for natural landscapes and culture.