HONG KONG and BELLINGHAM, Wash., Jan. 28, 2008 (PRIME NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) today reported that is has signed a Letter of Intent to acquire 150 acres of a 506 acre new central business district site in Nanning, China.
API plans a five star hotel development along with an automobile city and commercial center. The development cost of this central business district site is estimated at US$342 million. Nanning is the regional capital of Guangxi Zhuang Autonomous Region and a gateway to Southwest China and Indochina.
Please read about Nanning: http://www.china.org.cn/market/nanning/403573.htm
Please download our Nanning pdf: http://www.asiaprop.com/project/Nanning.pdf
The Company previously announced on Oct 23, 2007, about its goal to acquire a minimum of US$500 million in China resort and property assets over the next 12 months. "The closing this acquisition takes us very close to achieving this goal," said API'S CEO, Daniel McKinney. API plans to complete this acquisition with restricted shares and cash and is targeted to close within 30 days.
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 39,115,112 fully diluted shares consisting of 16,672,740 free trading and 22,357,376 restricted. The transfer agent is Computershare, Inc. of Golden, Colorado.
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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.