BELLINGHAM, Wash. and HONG KONG, Oct. 1, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) announced today that it has signed a Letter of Intent to acquire a resort property near Guangzhou, China.
Daniel McKinney, API's CEO, commented, "I am pleased to inform API shareholders that we are acquiring an existing resort, near a major city in China. The resort already reports revenues of over US$5 million and a net profit for 2007 estimated at US$2.5 million. The China real estate market is booming and API plans to ride that wave".
The Swiss Garden Holiday Village encompasses 25 acres of villas, condos and a hotel with an exhibition centre and business conference centre. It sits on the side of a lush mountain overlooking a popular lake in the area. Swiss Garden has built a total of 65 villas, 114 apartments and current construction includes a clubhouse and 12 more villas with total area of 44,000 square meters. The total assets of the development are RMB 305 million (US$40 million). The acquisition will be for restricted shares and cash and is anticipated to close in early October. Shareholders will be advised of the acquisition details as soon as possible after the closing.
Please see photos of the resort at: http://tgbank.net/doc/temp/picture/
McKinney said, "API is looking at further acquisitions in China and is conducting due diligence on several more properties right now."
About Asia Properties, Inc.: Asia Properties, Inc. was established to develop resorts and prime real estate in Southeast Asia. Asia Properties currently operates as the only listed U.S. public company focusing on S.E. Asian real estate investments. API is a Nevada corporation and trades on the Pink Sheets under the symbol "ASPZ." There are currently 39,427,112 fully diluted shares consisting of 16,672,740 free trading and 22,754,372 restricted. The transfer agent is Computershare, Inc. of Golden, Colorado.
For up to date corporate information about Asia Properties, Inc. contact Daniel McKinney, email: dmckinney@asiaprop.com or (http://www.asiaprop.com) For Investor Relations, call Dennis Burns. Tel 567-237-4132 email: dennyburns@stealthpost.com
The Asia Properties, Inc. logo is available athttp://www.primezone.com/newsroom/prs/?pkgid=1733
Statements, which are not historical facts, are forward-looking statements. The Company, through its management makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.