Asia Standard Int'l to start Beijing and Hong Kong projects in 2010

Nov. 23, 2009 (China Knowledge) - Asia Standard International Group Ltd<0129>, which is principally engaged in the investment and development of commercial, retail and residential properties in mainland China and Hong Kong, has announced that it plans to start construction next year on two real estate projects, one in Tongzhou District, Beijing and one in Yuen Long District, Hong Kong, sources reported.

The Hong Kong-listed firm intends to spend two or three years to complete the Beijing project, which will have a floor area of nearly 2 million square feet, 80% of which is for apartments. Each of the apartments is designed to have an area between 750 sq ft and 1,600 sq ft.

The Hong Kong project, which will have 9 to 11 apartment blocks with 12 stories each, will have a floor area of about 600,000 sq ft in total.

On Nov. 13, the enterprise began selling apartments in Jadewater, a high-end residential property project in Hong Kong, and had sold 50 units as of Nov. 19. It has raised its prices and will charge between HK$8,300 and HK$8,400 per sq ft for the last 20 units.

Asia Standard International Group, the parent of Asia Standard Hotel Group Ltd<0292>, is controlled by Asia Orient Holdings Ltd<0214> and The Grosvenor Group, which is based in Britain.