Kingold Jewelry Set to Sell Commercial Assets to Fund Completion of Industrial Park in Wuhan
- Feb 12, 2015
Wuhan City, China—Kingold Jewelry Inc. recently announced that it now has approval from the Wuhan Housing Security and Management Bureau that will allow it to pre-sell commercial space that is part of the Kingold Jewelry International Industrial Park. The company is one of the largest Chinese manufacturers and designers of high quality 24-karat gold jewelry. With the aforementioned approvals now in place, the company is set to use some of the proceeds from the eventual sales in the completion of the Kingold Jewelry Industrial Park.
Back in 2013, Kingold acquired the operating rights for around 717,598 square feet of space, or around 16.5 acres, in Wuhan. The owner now intends to utilize the development project as its new operation center and show room. Some of the space that will be made available in the park will be leased out to other manufacturers, while some of the commercial and residential assets in the Jewelry Park will be sold to individual and corporate buyers. In this case, Kingold received two “Certificates of Presale of Commercial Properties” from the local Housing Security and Management Bureau, which allow it to sell a total of five buildings. The properties that are now available for sale total around 1.3 million square feet of space.
With Kingold expecting the completion of the Kingold Jewelry Park to come within the year as per the originally announced timeframe, the sale of these properties needs to come sooner rather than later. The developer has also pointed out that it is planning a grand opening ceremony for the project, set to take place this December. The CEO of Kingold, Zhihong Jia, noted that the company is currently “focused on the interior and exterior design elements and expect to remain on track to open the Jewelry Park by December 2015.”