HONG KONG and BELLINGHAM, Wash., Nov. 28, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) announced today that it has signed a Letter of Intent to acquire a property development site near Guangzhou, China.
The site, near the new international airport zone in Guangzhou, will be developed in a joint-venture with a local company, into a mixed-use hotel and commercial center. Guangzhou is the third largest city in China with a population of over ten million.
Daniel Mckinney, API's CEO, commented, "With this acquisition, API is progressing toward its previously stated goal of acquiring USD five hundred million of real estate assets within twelve months. The China real estate market is booming and API is riding that wave."
Mckinney continued, "API is currently negotiating and conducting due diligence on a large central business district site of 150 hectares in the center of a large Chinese city. If successful, we believe this deal would transform API into a significant 'player' in the real estate market in China."
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.
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: denny@nvestrain.com. www.nvestrain.com
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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.