New World China Land Limited ('NWCL' or the 'Group'; HKEX stock code: 0917), as a precursor in the Mainland China property market, has always been optimistic about the market's development potential, particularly in the Northern and Northeast regions. Leveraging on its strengths, the Group has introduced innovative design concepts and modern facilities from Hong Kong and overseas to the Mainland market in recent years. It has accelerated the development schedule of its land bank to meet the country's needs for commercial and residential properties. The Group reported significant profit growth in both property sales and leasing activities.  In early May 2002, the Group launched two major residential projects in the region, namely, Tianjin New World Garden and Shenyang New World Garden Sunnyray Heights. Both were well-received by the market, with 200 new flats sold within a short period of time, generating a cash revenue of over Rmb 100 million for the Group.  NWCL's flagship residential project Tianjin New World Garden is strategically located on a 4.66-hectare lot, with a GFA of 150,000 sq.m.. It comprises both 800 residential units and a 20,000-sq.m. shopping arcade.  Phase I, comprising 195 flats with sizes ranging from 78 to 172 sq.m., was launched first.  In early May, the Group has commenced internal sales in two batches for Phase I. The first batch of 80 units was sold at an average selling price of Rmb 4,200 per sq.m. while the second batch of 30 units was sold at an average price 3% higher. The sale of these two batches has cashed in a total amount of Rmb 40 million for the Group.  The Group plans to offer the remaining units in Phase I for public sales in late June.  As for Phase II, construction work commenced at the end of last year and is expected to be completed in mid-2004. If completely sold, these two phases will contribute a total amount of Rmb 500 million to the Group.  Located at Wulihe, which is the heart of Shenyang South, Shenyang New World Garden Sunnyray Heights has a total of 170 units with a GFA of approximately 26,660 sq.m.  The units have sizes ranging from 140 to 180 sq.m. and are priced at Rmb 4,200 per sq.m. on average. Ever since its launch in early May, 110 units of the project are sold, accounting for approximately 65% of the total units and a cash revenue of over Rmb 70 million. Fifty-nine villas of New World Garden are expected to be completed at the end of this year, and are scheduled to be launched around August and September this year. These villas have a GFA of approximately 17,750 sq.m..  Located in Dalian, Manhattan Tower, which is the south tower of New World Plaza, has also recorded remarkable sales results. With unit sizes ranging from 44 to 202 sq.m, the luxury residential project is fetching an average price of Rmb 8,000 per sq.m., and has grossed Rmb 130 million in sales so far. The project's office tower will be open for sales in August, while New World Department Store, located inside the project's shopping mall, will commence operations in early October.  Besides developing sizable residential projects, NWCL has been working closely with the Tianjin Heping District Government since 1996 in the District's redevelopment. The Group entered into an agreement in late December 2001 to sell a land lot for which the Group had earlier completed land improvement work.  The 60,000-sq.m. lot was sold for a total consideration of Rmb 300 million, of which Rmb 240 million has been paid up.  Mr. Tommy Cheng, Assistant General Manager, NWCL, said, "The Group is accelerating its property development schedule. Riding on the extensive business network we have built over the years in Mainland, and our strong experience in developing a wide range of commercial and residential properties, we are in an excellent position to provide a comfortable life for the people living in Mainland and realise our mission to be a provider of real quality living."  About New World China Land Limited  NWCL is a subsidiary of the Hong Kong-listed New World Development Company Limited engaging mainly in the property development in Mainland.  Its well-diversified property development portfolio comprises 41 major projects with a developable floor area of 19 million sq.m.. These projects are located mainly in some of the Mainland's largest cities or major transportation hubs such as Beijing, Shanghai, Guangzhou, Shenyang, Tianjin and Wuhan. There are different types of projects including residential complexes, service flats, villas, multi-use high-rise buildings and hotels.  In Northern and Northeast Mainland, besides Tianjin New World Garden, Shenyang New World Garden Sunnyray Heights, and Manhattan Tower, NWCL has also launched other mega-projects, like New World Centre Phase II Tai Hua Plaza , New World Garden, New View Garden, and Xin Kang Garden in Beijing; Xin An Garden in Tianjin; Sunnyvale Heights and Sunnybright Heights in Shenyang, and some other types of commercial/residential projects.