Mhome Acquires Premium Land in Chengdu for $US27.83 million

Mhome Acquires Premium Land in Chengdu for $US27.83 million

The developer plans to develop A-grade fully-furnished properties with the parcel

CHENGDU, China, Jan. 22, 2021 /PRNewswire/ -- Mhome Group (000667.SZ), a leading Chinese real estate developer headquartered in Wuhan, has acquired a premium land parcel in Chengdu, Sichuan Province for CNY180 million ($US27.83 million). It is the company's first property in the southwestern Chinese city and will be developed as an A-grade prefabricated construction project, the first in Sichuan.

Mhome will utilize Building Information Modelling (BIM) and other digital and intelligent technologies to develop the residential project adhering to the highest standards, and all houses will be fully furnished.

The move-in ready prefabricated residential properties have been very popular in the domestic market. Mhome's prefabricated housing project Mhome 1 Yungu Road in the capital city of Anhui Province sold out 306 properties on the opening day of December 18, 2020, for a total sales volume of CNY430 million ($US66.44 million). The additional properties up for sale sold out in under one minute on January 15, 2021, breaking the sales volume of CNY100 million ($US15.45 million).

Following a series of successful New Year flash sales events, Mhome recorded CNY400 million ($US61.8 million) in sales within four days over the New Year holiday, setting fresh sales records in the last month of 2020. "The steady performance improvement of Mhome demonstrates the success of our integrated business model for smart housing manufacturing as well as the market's full recognition of our products and services," said Liu Daoming, Chairman of Mhome.

In 2020, as a top 100 real estate developer in China, Mhome won 14 awards in the fields of capital market, real estate development, housing construction and social responsibility, which include Blue Chip Enterprise Award at the 17^th Blue Chip Real Estate Annual Meeting, Industrial Prosperity Grand Case Award at the 2020 China Real Estate Annual Meeting. Mhome also received a brand value of 6.6 billion yuan ($US1.02 billion) in 2020, a 37.5 percent year-on-year increase.

The digital, intelligent, and environmentally-friendly advantages of prefabricated building offer a new mode of production for the housing construction industry, as China continues to promote two strategic goals in 2021; coordinated development of intelligent manufacturing and building industrialization and reaching CO2 emissions peak and achieving carbon neutral.

"Looking forward to 2021, Mhome will conform to the trend of smart, green and sustainable building while strategizing new development models for accelerated growth," said Liu Daoming.

About Mhome Group

Established in 1989, Mhome Group (000667.SZ) is a developer of residential and urban home properties and provider of urban and rural construction services. Headquartered in Wuhan, China, Mhome is now a listed company with a prominent presence in multiple industries including smart housing manufacturing, modern agriculture, and industrial revitalization of small towns.

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SOURCE Mhome Group