HONG KONG, Oct. 28 /PRNewswire-Asia/ -- China Botanic Development Holdings Limited ("China Botanic" or the "Company", together with its subsidiaries as the "Group"; Stock code: 02349.HK) announced that its name will be changed to China Water Property Group Limited ("China Water Property") to reflect its expansion into the property business in China. The move is aimed at creating greater value for its shareholders.

Ms Wang Wenxia, Vice Chairman and Executive Director of China Botanic, said, "Urbanization is gathering momentum in China as a result of the rapid development of the Chinese economy. Disposable income per capita of urban residents continues to increase, providing ample room for growth in the domestic property sector. The Group, which will change its name to China Water Property, will capture market opportunities by actively working together with prime developers on mid to high-end property projects. We will focus on expansion to capital cities alongside the Yangtze River and gradually extend to other second and third-tier cities in China."

"I am very pleased to collaborate with our management team to create greater investment value for our shareholders by expanding into property development," said Mr. But Ka Wai, Chairman of China Botanic.

"We have the full support of our major shareholder China Water Affairs in pursuit of our goal of property business expansion. China Water Affairs operates water supply businesses in various Chinese cities and owns a large landbank. Their support facilitates our expansion into the property business. Moreover, our management team boasts extensive experience in the operation, management and marketing of the property business. Our members have been involved in a number of famous property projects in China and have good connections with local governments and developers. We believe the Group's business will progress at a brisk pace, laying a solid foundation for sustainable growth," added Ms Wang Wenxia.

About China Water Property Group Limited

China Water Property Group Limited is a diversified enterprise which engages mainly in three key businesses: (i) property development and investment in the PRC; (ii) food related businesses. The company is currently known as China Botanic Development Holdings Limited and will change its name to China Water Property Group Limited. It is listed on the main board of the Hong Kong Stock Exchange (Stock Code: 02349.HK). With the goal of becoming a leading property developer in the PRC, China Water Property is constantly looking to increase its land bank with suitable sites in a number of cities with good development potential.

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SOURCE China Water Property Group Limited

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