Feb. 8, 2010 (China Knowledge) - Shenzhen Capstone Industrial Co Ltd<000038>, a real estate developer based in Shenzhen, Guangdong Province, last week announced that it has acquired two parcels in Shandong Province for RMB 148 million in total and intends to jointly develop them with the local bureau of land and resources.

The two pieces of land, located in Sishui County, Jining, Shandong Province, cover a land area of 210 Mu and will have a floor area of 251,000 square meters, including about 221,000 sq m aboveground. The floor area ratio will not exceed 2 for commercial properties and will be no more than 1.4 for apartments. Landscaped areas will cover more than 25% of the commercial properties and more than 35% of the residential properties.

The project is predicted to cost RMB 650 million in total and will reap RMB 750 million in sales revenue and RMB 75 million in profit.

Reportedly, Shenzhen Capstone Industrial estimated its net profit for last year at RMB 21 million, whereas it reaped RMB 154.04 million in 2008. Earnings per share in 2009 were about RMB 0.22, whereas they were RMB 1.7 in 2008.