CPIL Canton Prop

RNS Number:5863H
Canton Property Investment Limited
13 November 2007


          Canton Property Investment Limited ("CPIL" or "the Company")

         Proposed Acquisition of Pearl River New City B1-1 Development


Further to the disclosure in its Admission Document of August 10, 2007, the
Company is pleased to announce that it has signed a Memorandum of Understanding
("MOU") with Mr Keng Wong, Chairman of CPIL, and Ms Zhuangsong Ye to acquire a
45 per cent. interest in the Pearl River New City B1-1 Development ("the
Project"). Under the MOU, CPIL will acquire the holding interest that holds a 45
per cent. interest in Guangdong San Cheng Economic Development Co., Ltd. ("San
Cheng"). San Cheng is a company established in the PRC and it is engaged in the
business of developing the Project. As part of the MOU, CPIL has made a payment
amounting to $10 million to Mr Wong and Ms Ye which constitutes a refundable
deposit for the acquisition of 45 per cent. of the Project. Due diligence and
negotiations relating to the transaction are ongoing and a further announcement
will be made in due course. The transaction will be a related party transaction
owing to the investment Mr Wong holds in San Cheng. An MOU has also been signed
to secure the remaining 55 per cent of San Cheng.


The Project is currently anticipated to be a mixed-use commercial development
consisting of Grade A offices, retail, hotel and service apartments. The total
gross floor area ("GFA") of the Project is approximately 234,690 square metres
and it is situated in the heart of the Pearl River New City, the new Central
Business District of Guangzhou.


For further information please contact:


Canton Property Investment Limited

Dennis Yau +852 2219 9669


Libertas Capital

Jakob Kinde/Stephen Pickup +44 20 7569 9650



First City Financial Public Relations

Allan Piper/Jiang Lei +44 20 7242 2666







                      This information is provided by RNS
            The company news service from the London Stock Exchange

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