News

Gemdale Corporation and Lincoln Property Company Join Forces on San Francisco Developments

San Francisco, CA (April 24, 2014) – 350 Bush Street and 500 Pine Street to be first United States projects for Gemdale Corporation.Gemdale Corporation (600383.SH) and Lincoln Property Company today announced that they have formed a joint venture to develop 350 Bush Street, a 19 -story, 372,000 square foot Class A office tower, incorporating the historic terra cotta facade and columns of the iconic San Francisco Mining Exchange Building, and 500 Pine Street, a 5-story 56,000 square foot office/retail development in San Francisco. The 350 Bush Street and 500 Pine Street sites are strategically located in the heart of San Francisco's North Financial District. Financial terms of the joint venture were not disclosed.

For Gemdale Corporation, the joint venture marks the commencement of its targeted expansion into the United States and is a component of the Company's Internationalization Strategy, following the Company's successful $350 million bond offering in July 2012, representing the first bond issuance in overseas markets by a domestically listed Chinese real estate company. An additional element in Gemdale's Internationalization Strategy occurred in September 2012 with Gemdale's acquisition of a controlling stake in Frasers Property, a Hong Kong listed enterprise which has since been renamed Gemdale Properties and Investment Corp Ltd (0535.HK). Gemdale Corporation has successfully collaborated with a number of leading global institutional real estate investors in joint ventures in China's real estate markets. Moreover, Gemdale’s joint venture with UBS Global Asset Management Real Estate in 2010 resulted in one of the first foreign real estate investment funds created in China tailored for global real estate investors.

According to Michael Krupa, President of Gemdale USA, “We are delighted with our debut into the United States with leading national developer Lincoln Property Company in developing such an important and well-located project in San Francisco, a city which is experiencing some of the strongest office market fundamentals in the United States. Moreover, we are delighted to have the ability to help transform the fabric of the North Financial District. For Gemdale, the development of 350 Bush Street and 500 Pine Street provides a distinctive opportunity to preserve elements of the San Francisco Mining Exchange Building, the second oldest exchange in the United States.” The 350 Bush Street Beaux Arts landmark building has a rich history and the exchange was instrumental in making San Francisco the financial capital of the Western United States.

“Gemdale Corporation brings a long history of outstanding real estate development and community service to our joint venture in San Francisco. Together we are committed to developing an outstanding project that both we and the City of San Francisco will all be very proud of,” said John Herr, Executive Vice President of Lincoln Property Company.

About Gemdale Corporation

Gemdale Corporation, one of China’s largest and leading real estate developers, was founded in 1988 and listed on the Shanghai Stock Exchange in 2001. The Company enjoys one of the strongest brands in China. While the Company’s roots are in the residential condominium sector, with over 30,000 residential condominium units built and sold in over 25 major cities in China in 2013 alone, the Company has also embarked in recent years on commercial/mixed-use developments as well as real estate private equity funds management. The Company’s attributable land bank is comprised of over 250 million square feet of gross floor area. Gemdale has received numerous real estate industry awards over the years, including “Top 10 China Listed Real Estate Companies in terms of Comprehensive Strength” for the ninth consecutive year, “Blue Chip Property Developers in China” for the eighth consecutive year and the “Most Valuable Listed Real Estate Enterprise in China” in 2012, amongst other honors. The Company is also involved in a number of philanthropic and community outreach endeavors, including the sponsorship of various World Tennis Association tournaments in China.

About Lincoln Property Company (www.lpc.com)

Dallas-based Lincoln Property Company is one of the nation’s largest diversified commercial real estate companies, employing over 6,800 people in 32 states and 10 countries in Europe. Since its inception in 1965, Lincoln has developed over 128 million square feet of office, industrial, and retail projects as well as 209,000 apartment units. Stemming from its development and ownership background, Lincoln's operating platform seamlessly integrates its various service lines, provides for consistent and measurable performance and utilizes cutting-edge technology over its 350+ million square feet of managed assets.

Gemdale, One of China’s Largest Real Estate Developers, Partners With LaTerra Development to Make First Investment in Los Angeles

Los Angeles, CA (September 28, 2015)

Gemdale Properties and Investments, a subsidiary of Gemdale Corporation, one of China’s largest blue chip real estate developers, announced today that it is making its first investment in Los Angeles in partnership with LaTerra Development, a Los Angeles-based developer. Gemdale and LaTerra have formed a joint venture to develop a $125 million mixed-use project in Hollywood, which will be the first real estate investment in Hollywood by a major Chinese company.

Gemdale has developed one of the strongest brands in China for residential and mixed - use development, with projects in over 25 major cities. Upon realizing significant opportunity in Southern California, the company established its US headquarters in Los Angeles in 2015.

LaTerra is a rapidly growing Los Angeles -based residential and mixed -use development company with a focus on urban infill locations. LaTerra consistently integrates green building practices into its projects and has a diverse portfolio of land entitlement and development projects throughout Los Angeles, Orange County and San Diego.

Jason Zhu, CEO of Gemdale USA, said: “This inaugural Los Angeles investment promises to be the first of many deals as we ramp up our capital investment and property development business in Los Angeles, a market that we are confident presents great value. There is abundant opportunity here and we are delighted to have partnered with LaTerra, the like -minded urban development partner we have been seeking.”

The approximate 4-acre mixed-use project, located at 1350 N. Western Avenue at Sunset Boulevard, is an infill development opportunity in a prime Hollywood location and is planned to be developed with office, retail and apartments, explained Charles Tourtellotte, President and CEO of LaTerra.

The Gemdale - LaTerra project is in close proximity to numerous public transit options and two blocks from the Hollywood and Western station of Metro’s Red Line that runs along Hollywood Boulevard and connects to downtown Los Angeles and to other Metro lines throughout the county. The site is also within two blocks of the 325,000-square foot Icon tower at Sunset Bronson studios currently under construction where Netflix just inked a lease for 200,000 square feet.

“We are excited to be in Hollywood, one of the strongest submarkets in Los Angeles, and LaTerra is fortunate to have Gemdale as a strategic partner. Both LaTerra and Gemdale are committed to topflight design, amenities and sustainable building practices,” Tourtellotte added. “With our partner, Gemdale, we will be developing a project that will have a positive fiscal impact on the community,” he concluded.

Curtis Palmer of CBRE was the broker on this transaction.

About LaTerra Development, LLC.

LaTerra is a privately owned real estate investment and development company that focuses on urban infill projects in California that provide positive fiscal impacts to neighborhood communities, while incorporating green building practices and sustainable materials. LaTerra has sponsored more than 20 development projects in Southern California.

About Gemdale Properties and Investment

Gemdale Properties and Investment, a subsidiary of Gemdale Corporation, is a leading real estate developer and operator in the Greater China region . Gemdale PI is listed on the Hong Kong Stock Exchange (535.HK) and is principally engaged in residential, commercial and business park property investment, development and management. Gemdale PI currently operates 43 projects covering 15 major cities in China. Since its first investment in the U.S ., in Los Angeles in 2015, Gemdale PI has expanded rapidly in the international property market and intends to expand its presence in other carefully selected major metropolitan cities around the world.

Gemdale Corporation (600383.SH) was founded in 1988 and listed on the Shanghai Stock Exchange in 2001. Gemdale Corporation is renowned for being a large -scale national property developer in China with highly regarded projects throughout the country. While Gemdale’s roots are in the residential condominium sector, with over 45,000 residential condominium units built and sold in 29 major cities in China in 2015 alone, Gemdale has also embarked in recent years on commercial/mixed -use developments as well as real estate private equity funds management. Gemdale has received numerous real estate industry awards over the years, including “Top 10 China Listed Real Estate Companies in terms of Comprehensive Strength,” “Blue Chip Property Developers in China,” and the “Most Valuable Listed Real Estate Enterprise in China,” amongst other honors.

LaTerra and Gemdale Join Forces to Acquire World Class Los Angeles Site

Los Angeles, CA (April 26, 2016)

Los Angeles based LaTerra Development and Gemdale Properties and Investments Corporation Limited (“Gemdale PI”, 535.HK), an affiliate of Gemdale Corporation (600383.SH) which is one of China’s largest and leading real estate developers, announce their formation of a joint venture to purchase the 2.9 -acre development property, formerly known as Temple Hospital. The residential development is planned for four stories of 212 residential units over two levels of subterranean parking. This development will create 360-degree panoramic view for the residents.

Pinnacle 360 is located at 235 N Hoover Street, Los Angeles at the confluence of the emerging market neighborhoods of Silver Lake, Koreatown, Hollywood, and Filipino Town, where 30,000 residents live within one mile. The new residences will sit on top of a hill, with the building carefully designed to maximize views in every direction. Residents will have unobstructed views of Hollywood, the Hollywood Hills, the Hollywood sign, Griffith Observatory, Silver Lake, Koreatown, Century C ity, and the Downtown Los Angeles skyline . Pinnacle 360 is planned to offer resort style amenities such as a modern fitness center, two pools with cabanas, fire pits, hot tubs, and roof top decks creating an unparalleled lifestyle, all with spectacular 360 degree views.

LaTerra Development President Charles Tourtellotte said, “This is a distinctive site that demands a special design with contemporary living features and conveniences.” Tourtellotte also added, “This site is located adjacent to what has been referred to as Los Angeles’ second biggest ‘boom town’ by Realtor.com. The study also noted that in 2016, Los Angeles County will host more than 22,000 new housing starts and 65,000 brand new jobs, which is 5 and 7 times more than the Top 100 Counties in the country, respectively.”

According to Jason Zhu, Chairman of Gemdale USA , “We are delighted to deliver this iconic residential development . The site is ideally located in Beverly Junction, a neighborhood is known for adjacent landmarks, local artists, good food and music venues. It is only a 15-minute walk from the site to Vermont/Beverly station which is the main transportation junction of the Redline between Downtown LA and Hollywood. This development is also close to US 101 – one of the busiest freeways in the country and the closest entrance takes only 4 minutes to drive.”

According to Michael Krupa, President of Gemdale USA, “We are truly delighted to work with LaTerra Development on a second exciting Los Angeles area project.”

About LaTerra Development

LaTerra Development is a privately owned, Los Angeles based land investment and development company, focused on urban infill locations in California. LaTerra specialize in project entitlement, land development/re-development, and community design. Its mission is to create dynamic mixed -use and residential developments that provide positive fiscal impacts to neighborhood communities, while utilizing designs to incorporate green building practices and sustainable materials.

About Gemdale Properties and Investment

Gemdale Properties and Investment, a subsidiary of Gemdale Corporation, is a leading real estate developer and operator in the Greater China region. Gemdale PI is listed on the Hong Kong Stock Exchange (535.HK) and is principally engaged in residential, commercial and business park property investment, development and management. Gemdale PI currently operates 43 projects covering 15 major cities in China. Since its first investment in the U.S., in Los Angeles in 2015, Gemdale PI has expanded rapidly in the international property market and intends to expand its presence in other carefully selected major metropolitan cities around the world.

Gemdale Corporation (600383.SH) was founded in 1988 and listed on the Shanghai Stock Exchange in 2001. Gemdale Corporation is renowned for being a large-scale national property developer in China with highly regarded projects throughout the country. While Gemdale’s roots are in the residential condominium sector, with over 45,000 residential condominium units built and sold in 29 major cities in China in 2015 alone, Gemdale has also embarked in recent years on commercial/mixed-use developments as well as real estate private equity funds management. Gemdale has received numerous real estate industry awards over the years, including “Top 10 China Listed Real Estate Companies in terms of Comprehensive Strength,” “Blue Chip Property Developers in China,” and the “Most Valuable Listed Real Estate Enterprise in China,” amongst other honors.

Gemdale and Lincoln Property Company Join Forces for San Jose
Office Development in their Second Joint Venture

San Francisco, CA (February 3, 2016)

Gemdale Properties and Investments ("GPI", 535.HK), an affiliate of Gemdale Corporation (600383.SH) which is one of China's largest and leading real estate developers, today announced their formation of a second joint venture with Lincoln Property Company to develop Midpoint @ 237, an infill Class A office project in North San Jose, CA.

The Midpoint @ 237 project will be approximately 415,000 rentable square feet of Class A office product consisting of two- and three-story buildings, with an average floor plate size of 40,000 rentable square feet. The development is strategically located at the North First Street and Highway 237 intersection, totaling 21.3 acres.

Financial terms of the joint venture were not disclosed.

According to Jason Zhu, Chairman of Gemdale USA, “We are delighted to announce another Class A office development in the United States with leading national developer Lincoln Property Company.”

John Herr, Executive Vice President of Lincoln Property Company noted, “We are thrilled to continue our partnership with another cutting edge office development with Gemdale. Gemdale brings a long history of exceptional real estate development to our joint ventures. Together we are committed to developing an outstanding project that both we and Silicon Valley will be very proud of.”

Michael Krupa, President of Gemdale USA added, “This project is extremely well-located in North San Jose, in the heart of Silicon Valley, which is home to many of the world’s largest and leading high-tech enterprises and is synonymous with world-class innovative high-tech research, accounting for one-third of all the venture capital investment in the United States.

Gemdale also partnered with Lincoln Property Company in April 2014 to develop 350 Bush Street, a 19-story, 372,000 square foot Class A office tower, incorporating the historic terra cotta facade and columns of the iconic San Francisco Mining Exchange Building, and 500 Pine Street, a 5-story 56,000 square foot office/retail development in San Francisco.

About Gemdale Corporation

Gemdale Properties and Investment, an affiliate of Gemdale Corporation, is a leading real estate developer and operator in the Greater China region, listed on the Hong Kong Stock Exchange (535.HK) and serves as a platform for commercial property investment, development and operational management. Gemdale Corporation (600383.SH) was founded in 1988 and listed on the Shanghai Stock Exchange in 2001. Gemdale enjoys one of the strongest brands in China. While Gemdale's roots are in the residential condominium sector, with over 45,000 residential condominium units built and sold in 29 major cities in China in 2015 alone, Gemdale has also embarked in recent years on commercial/mixed-use developments as well as real estate private equity funds management. Gemdale has received numerous real estate industry awards over the years, including "Top 10 China Listed Real Estate Companies in terms of Comprehensive Strength", "Blue Chip Property Developers in China" and the "Most Valuable Listed Real Estate Enterprise in China", amongst other honors. Gemdale is also involved in a number of philanthropic and community outreach endeavors, including the sponsorship of various World Tennis Association tournaments in China.

About Lincoln Property Company

Dallas-based Lincoln Property Company is one of the nation’s largest diversified commercial real estate companies, employing over 6,800 people in 32 states and 10 countries in Europe. Since its inception in 1965, Lincoln has developed over 128 million square feet of office, industrial, and retail projects as well as 209,000 apartment units. Stemming from its development and ownership background, Lincoln's operating platform seamlessly integrates its various service lines, provides for consistent and measurable performance and utilizes cutting-edge technology over its 350+ million square feet of managed assets.

Gemdale Properties & Investment, Impresa Pizzarotti & C. SpA and Madison Equities Join Forces on Transformational Downtown Manhattan Development

New York, NY (June 9, 2016) – 45 Broad Street

Madison Equities, Impresa Pizzarotti & C. SpA (“Pizzarotti”) and Gemdale Properties and Investments Corporation Limited (“Gemdale PI”, 535.HK), an affiliate of Gemdale Corporation (600383.SH) which is one of China’s largest and leading real estate developers, announced today their formation of a joint venture to co-develop 45 Broad Street, a mixed-use project comprised of 206 residential condo units as well as 59,000 square feet of boutique office space in Lower Manhattan, several hundred feet south of the New York Stock Exchange on the corner of Wall Street and Broad Street. The office component of the project will benefit from the lack of new boutique office space in Lower Manhattan’s Financial District, with virtually no new boutique office space having been developed over the past 30 years. The residential portion of the building starts at approximately 250 feet and will include panoramic water and area landmark views. The project will be an architecturally iconic symbol rising in Lower Manhattan, designed by leading architectural firm CetraRuddy.

The project’s residential condominium units will be attractively priced to capture demand in the affordable luxury segment of the marketplace, an undersupplied market segment in Manhattan. The project will be highly amenitized throughout, including state-of-the-art appliances, engineered wood floors, marble and ceramic stone, a 75-foot indoor lap pool with a double height ceiling, bike storage, residential storage, state-of-the art gym and fitness facilities, ground floor garden, a 9th floor sky garden with indoor and outdoor spaces, a game room, separate children and teen playrooms, and a media and entertainment area. The project will also contain a distinctive open air, landscaped residential amenity space on the 38th floor at an elevation of approximately 500 feet, which will serve as an additive element within Lower Manhattan given its visibility from the area’s street levels.

Pizzarotti-IBC, an affiliate of Impresa Pizzarotti will serve as the project’s General Contractor.

According to Robert Gladstone, Chief Executive of Madison Equities, “We are delighted to be an integral part of the further positive transformation of New York City’s Financial District into an increasingly vibrant community.”

According to Jason Zhu, Chairman of Gemdale USA, “This distinctive 45 Broad Street project, with its panoramic views, benefits from over $30 billion of infrastructure and related improvements in the surrounding neighborhood, as well as surging residential and commercial activity. Lower Manhattan contains a considerable number of historical landmarks and draws millions of tourists annually. Traditionally, it has served as the center of trade and finance for the United States. The neighborhood includes within a short walking distance, Stuyvesant High School, one of New York City’s leading public schools, as well as Leman Manhattan, a private preparatory school next door to the project.”

Giorgio Cassina, Managing Director of Pizzarotti added, “Pizzarotti’s real estate experience in markets such as Italy, France and the Principality of Monaco, together with more than a century of experience in construction in numerous countries, is of great value to our partners. Working with Madison Equities and Gemdale PI on such a unique project in New York is a wonderful new opportunity to bring all of our international expertise to this development. Serving as a co-developer and builder of such an iconic project will highlight the qualities that our vast experience in special projects in residential, healthcare, hotel and other developments have provided us.”

An increasing number of media and related employers are relocating to the neighborhood, including Time Inc., Condé Nast, Harper Collins, Droga5, Group M and MediaMath. In terms of infrastructure improvements, over the past decade, billions of dollars have been poured into the area’s transportation and infrastructure, making Lower Manhattan one of the most technologically-advanced areas of New York City. The residential population of Lower Manhattan has tripled over the past 10 years, to over 65,000 currently. Additionally, the technology sector is also becoming increasingly important, with the high-tech NYSIA Incubator located at 55 Broad Street, next door to the project.

According to Michael Krupa, President of Gemdale USA, “We are delighted to work with leading New York City based developer, Madison Equities, with a 50-year history of developing exceptional projects throughout New York City along with our partner Pizzarotti, one of the leading construction companies in Italy, with over 100 years of experience. Moreover, we are delighted and honored to participate in helping further transform the fabric of Lower Manhattan.”


About Madison Equities

Madison Equities is highly regarded for its ability to bring creative solutions to complex and large scale real estate development, as well as for its commitment to innovation in architecture, interior design and construction techniques. Since its founding in the mid 1960’s, Madison Equities has successfully developed millions of square feet of high quality commercial, residential and hotel properties throughout Manhattan.

Among its most-prized early developments are the three buildings built on East 57th Street: The Excelsior, the first truly mixed-use luxury building in NYC; the Galleria, one of the country’s tallest residential buildings upon completion in 1975; and the internationally renowned 135 East 57th Street, known for its prominent concave façade and iconic roman temple. Madison also built the W Times Square Hotel along with the world’s tallest signage tower and the Marriott Courtyard on the Upper East Side, pushing boundaries of the chain’s customary brand standard. Madison has also received praise with the multiple award winning condominium Chelsea Modern, distinctly designed by its signature undulating glass façade and the classically modern boutique condominium 57 Irving Place, located south of Gramercy Park. The company is completing 10 Sullivan, a high end luxury condominium with four adjacent townhouses on a triangular site in SoHo, and the conversion of the former office building at 26th Street and Fifth Avenue on Madison Square Park, known as 212 Fifth Avenue, to a luxury condominium. Madison Equities is headed by Robert Gladstone who has provided its vision for 25 years.

About Impresa Pizzarotti

Pizzarotti & C. SpA, founded in 1910, has experienced consistent growth since its founding in 1910. Continuous innovation and technological excellence are key principles driving the company’s success. Operating in different countries in such sectors as infrastructure, construction, concessions and real estate, and a strong investment in the geographical diversification of its portfolio, has led the company, over the past few years, to expand its presence in key targeted markets around the world.

The firm’s range of services cover the design, construction and management under concession of works such as transport infrastructure, highways, railways, tunnels, bridges, dams, hydraulic works, real estate, hotels, luxury residential and healthcare, with a keen sensitivity to the full respect and protection of the environment

About Gemdale Properties and Investment

Gemdale Properties and Investment, a subsidiary of Gemdale Corporation, is a leading real estate developer and operator in the Greater China region. Gemdale PI is listed on the Hong Kong Stock Exchange (535.HK) and is principally engaged in residential, commercial and business park property investment, development and management. Gemdale PI currently operates 43 projects covering 15 major cities in China. Since its first investment in the U.S., in Los Angeles in 2015, Gemdale PI has expanded rapidly in the international property market and intends to expand its presence in other carefully selected major metropolitan cities around the world.

Gemdale Corporation (600383.SH) was founded in 1988 and listed on the Shanghai Stock Exchange in 2001. Gemdale Corporation is renowned for being a large-scale national property developer in China with highly regarded projects throughout the country. While Gemdale’s roots are in the residential condominium sector, with over 45,000 residential condominium units built and sold in 29 major cities in China in 2015 alone, Gemdale has also embarked in recent years on commercial/mixed-use developments as well as real estate private equity funds management. Gemdale has received numerous real estate industry awards over the years, including “Top 10 China Listed Real Estate Companies in terms of Comprehensive Strength,” “Blue Chip Property Developers in China,” and the “Most Valuable Listed Real Estate Enterprise in China,” amongst other honors.

Gemdale Properties & Investment And Hines Partner On Transformational Boston Development

Boston, MA (May 12, 2016)

Global real estate firm Hines and Gemdale Properties & Investment Corporation Limited (“Gemdale PI”), today announced a new joint venture to redevelop Boston’s South Station into a transportation hub and mixed-use complex. The first phase of this transformational project will include the tallest building in Boston’s financial district and fourth-tallest building in Massachusetts.

The project will become a part of, and rise above, South Station. Since first constructed in 1898,South Station has grown to be a vital multimodal transportation hub, serving over 152,000 passengers daily while providing access to the MBTA Red Line and Silver Line, MBTA Commuter Rail, AMTRAK, and multiple bus lines.The first phase of this development consists of a 51-story, mixed-use office and residential tower.The first 26 floors of the tower, starting 9 stores above ground, will feature state-of-the-art commercial office space, while the upper 16 floors will feature residential condominium units offering panoramic views of the city and Boston Harbor. Phase one will also include 530 parking spaces, along with the expansion of the South Station bus terminal.

The redevelopment of the South Station Transportation Center, now known as the Michael S.Dukakis Transportation Center, has been an ongoing effort of the federal, state and local governments since the 1970s. The restoration and expansion of the historic train station building and reconstruction of all tracks and platforms was completed in the mid1980s. The first phase of construction of a bus terminal and parking structure was then completed in 1995.

The Hines/Gemdale PI project will include construction of the second phase of the bus terminal, increasing its capacity by approximately 50 percent and completing the intermodal transportation center as it was originally conceived by federal, state and local governments in the 1970s. In addition to additional capacity, the transportation infrastructure improvements included in the project will provide more convenient pedestrian connections between bus and subway and train, provide weather protection to train station platforms, create a new, recurring income stream to the MBTA through additional gate revenues, and facilitate and reduce the amount of public investment required to expand the train tracks and platforms on the adjacent U.S. Postal Service property. The project obtained approval from the Boston Redevelopment Authority and Massachusetts Department of Environmental Protection in 2006.

Hines Senior Managing Director and longtime head of the firm’s Boston office David Perry commented, “The visibility of this corner location and the scale and dramatic styling of the tower, combined with the dignity of the station façade at its base, will serve to establish the project’s identity as the most prominent building in downtown Boston and reinforce the site’s strategic location at the intersection of Boston’s Seaport and Financial Districts.” “Boston is experiencing a remarkable economic and physical transformation,” added Hines Founder and Chairman Gerald D. Hines. “Hines and Gemdale PI will make a significant investment in upgrading and expanding Boston’s transportation infrastructure at the regional transit hub. The project will also result in the creation of a world-class, architecturally significant, mixed-use community. We are thrilled and honored to participate in this critical public/private partnership with the MBTA to complete the redevelopment of the Dukakis Transportation Center.” Michael Krupa, President of Gemdale USA, noted, “We are delighted to join in this venture with Hines to develop such an important and well-located project in a city which is exhibiting some of the strongest office and residential condominium market fundamentals in the U.S. Moreover, we are delighted to have the ability to participate in the redevelopment of one of the nation’s first, center-city, intermodal transit centers which successfully integrates Amtrak, the MBTA Commuter Rail System, the MBTA Red Line, which has the most ridership of all the city’s subway lines, and the Silver Line with direct service to the Seaport District and Logan International Airport.”

“Gemdale Corporation, a PRC company listed on the Shanghai Stock Exchange and the controlling shareholder of Gemdale PI, brings outstanding real estate development experience and community service to our joint venture in Boston. Together with Hines, and various governmental bodies with interests in South Station, we are committed to develop an outstanding project that Gemdale, Hines and the City of Boston will all be very proud of,” shared Jason Zhu, Chairman and CEO of Gemdale USA Corporation. Hines’ noteworthy development projects in Boston include 222 Berkeley Street and 500 Boylston Street. To the South Station project, Hines brings its in-depth experience in developing above major transportation centers, having developed New York City’s one-million-square-foot 450 Lexington Avenue and 1.2 million-square-foot 383 Madison Avenue, both of which involved construction over operating train tracks serving Grand Central Station. Salesforce Tower, codeveloped by Hines, is currently under construction above the Transbay Transit Center in San Francisco.

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party propertylevel services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 351 million square feet. The firm’s current property and asset
management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.

About Gemdale Properties and Investment

Gemdale Properties and Investment, a subsidiary of Gemdale Corporation, is a leading real estate developer and operator in the Greater China region. Gemdale PI is listed on the Hong Kong Stock Exchange (535.HK) and is principally engaged in residential and commercial property investment, development and management. Gemdale Corporation (600383.SH) was founded in 1988 and listed on the Shanghai Stock Exchange in 2001. Gemdale is renowned for being a large-scale national property developer in China with highly regarded projects throughout the country. While Gemdale’s roots are in the residential condominium sector, with over 45,000 residential condominium units built and sold in 29 major cities in China in 2015 alone, Gemdale has also embarked in recent years on commercial/mixed-use developments as well as real estate private equity funds management. Gemdale has received numerous real estate industry awards over the years, including “Top 10 China Listed Real Estate Companies in terms of
Comprehensive Strength,” “Blue Chip Property Developers in China,” and the “Most Valuable Listed Real Estate Enterprise in China,” amongst other honors.

Toll Brothers & Gemdale Join Forces to Develop Luxury Condominium in Manhattan’s Storied Gramercy Park Neighborhood

HORSHAM, Pa., and NEW YORK, Dec. 08, 2016 (GLOBE NEWSWIRE)

Toll Brothers, Inc., the nation’s leading builder of luxury homes (NYSE:TOL) (tollbrothers.com), and Gemdale Properties and Investments (“GPI”, 535.HK), an affiliate of Gemdale Corporation (600383.SH), one of China’s largest and leading real estate developers, announced today their formation of a joint venture to co-develop a luxury condominium project at 121 East 22nd Street in Manhattan. The project consists of a two-tower, 133-unit luxury condominium building, designed by the Office for Metropolitan Architecture (OMA), which was founded by Pritzker Prize-winning architect Rem Koolhaas. Designed by principal Sho Shigematsu, the residential tower marks the firm’s first building in Manhattan, as well as Sho’s decade-long tenure directing OMA New York.

The project is located in Manhattan’s exclusive Gramercy Park neighborhood on a site spanning East 22nd Street to East 23rd Street with corner frontage on Lexington Avenue at 23rd Street. The building will have two connected towers with a single residential entrance on East 22nd Street. The site lies one block north of the prestigious Gramercy Park, placing the project in the heart of the neighborhood which is home to a wealth of history, art, and exceptional dining. Tree-lined streets offer area residents a distinctive setting in close proximity to Midtown Manhattan, one of the most highly concentrated Class A business centers in the world, and within blocks of Silicon Alley, a tech hub benefiting from one of the most significant flows of venture capital in the United States. The site is also a short stroll to both Madison Square Park and Union Square Park.

The Toll Brothers-Gemdale joint venture has secured a $237 million construction loan from a syndicate of five banks including Bank of New York Mellon as Administrative Agent and Joint Lead Arranger, Capital One as Joint Lead Arranger, China Merchants Bank New York, MUFG Union Bank, N.A., and CIT Bank. The debt and equity were arranged by Toll Brothers’ in-house Finance Department.

Douglas C. Yearley, chief executive officer of Toll Brothers, stated: “We are very pleased to team with Gemdale to develop this spectacular luxury condominium project. 121 East 22nd Street is another in a long line of dramatic, residential projects built by Toll Brothers City Living in the New York City market. Its exceptional location within the Gramercy Park neighborhood makes this one of the most appealing buildings in which to live in all of New York City.”
Jason Zhu, Chairman of Gemdale USA, stated: “This distinctive 121 East 22nd Street project benefits from a world-class Pritzker Prize-winning architectural firm which has designed some of the leading buildings in the world.”

Michael Krupa, President of Gemdale USA, stated: “We are delighted to work with Toll Brothers, a Fortune 600 Company, and the leading builder of luxury homes in the U.S., with a nearly 50-year history of developing exceptional projects across the country. Moreover, we are delighted and honored to be part of such an iconic project in Manhattan’s distinctive Gramercy Park neighborhood.”

Frederick N. Cooper, Toll Brothers’ Senior Vice President of Finance, International Development and Investor Relations, stated: “We are excited to be partnering with Gemdale to develop this unique project. This, our first joint venture with Gemdale, is the culmination of a relationship spanning ten years and multiple interactions both in the U.S. and China. We also are very pleased that our solid banking relationships have resulted in a strong lending group to finance this landmark project.”

About Toll Brothers

Toll Brothers, Inc., A FORTUNE 600 Company, is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves move-up, empty-nester, active-adult, and second-home buyers and operates in 20 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Idaho, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia, and Washington, as well as in the District of Columbia.

Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Capital and Asset Management joint venture, the Company provides builders and developers with land banking and joint venture capital. The Company acquires and develops commercial and apartment properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living.

In 2016, Toll Brothers ranked #6 among all 1,500 companies in Fortune magazine’s survey of the World’s Most Admired Companies in the Quality of Products/Services Offered category behind only Apple, Walt Disney, Amazon, Alphabet, and Nordstrom. The firm was also named as the Most Admired Home Building Company for 2016, the second year in a row it has been so honored. Toll Brothers was named 2014 Builder of the Year by Builder magazine, and is honored to have been awarded Builder of the Year in 2012 by Professional Builder magazine, making it the first two-time recipient. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information, visit www.tollbrothers.com.

Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (tollbrothers.com/investor-relations).

About Toll Brothers City Living

Toll Brothers City Living® is the urban development division of Toll Brothers, Inc., the nation’s leading builder of luxury homes. Toll Brothers City Living® is bringing the same quality, value, and service familiar to our luxury home buyers throughout the country to some of the most dynamic urban markets including New York City; Hoboken and Jersey City, New Jersey; Philadelphia, Pennsylvania; and the Greater Washington, D.C., metro area. Toll Brothers City Living communities combine the energy of an urban lifestyle with unparalleled amenities, spectacular architecture, and energy-efficient home design. For more information, visit www.tollbrotherscityliving.com.

About Gemdale Properties and Investment
Gemdale Properties and Investment, a subsidiary of Gemdale Corporation, is a leading real estate developer and operator in the Greater China region. Gemdale PI is listed on the Hong Kong Stock Exchange (535.HK) and is principally engaged in residential, commercial, and business park property investment, development and management. Gemdale PI currently operates 43 projects covering 15 major cities in China. Since its first investment in the U.S., in Los Angeles in 2015, Gemdale PI has expanded rapidly in the international property market and intends to expand its presence in other carefully selected major metropolitan cities around the world.

Gemdale Corporation (600383.SH) was founded in 1988 and listed on the Shanghai Stock Exchange in 2001. Gemdale Corporation is renowned for being a large-scale national property developer in China with highly regarded projects throughout the country. While Gemdale’s roots are in the residential condominium sector, with over 45,000 residential condominium units built and sold in 29 major cities in China in 2015 alone, Gemdale has also embarked in recent years on commercial/mixed-use developments as well as real estate private equity funds management. Gemdale has received numerous real estate industry awards over the years, including “Top 10 China Listed Real Estate Companies in terms of Comprehensive Strength,” “Blue Chip Property Developers in China,” and the “Most Valuable Listed Real Estate Enterprise in China,” amongst other honors.

Forward Looking Statement
Certain information included in this release is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, information related to: anticipated operating results; anticipated financial performance, resources and condition; selling communities; home deliveries; average home prices; consumer demand and confidence; contract pricing; business and investment opportunities; market and industry trends; and the anticipated benefits to be realized from the acquisition of Coleman Homes.

Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other Company reports, SEC filings, statements and presentations. These risks and uncertainties include, among others: local, regional, national and international economic conditions; fluctuating consumer demand and confidence; interest and unemployment rates; changes in sales conditions, including home prices, in the markets where we build homes; conditions in our newly entered markets and newly acquired operations; the competitive environment in which we operate; the availability and cost of land for future growth; conditions that could result in inventory write-downs or write-downs associated with investments in unconsolidated entities; the ability to recover our deferred tax assets; the availability of capital; uncertainties in the capital and securities markets; liquidity in the credit markets; changes in tax laws and their interpretation; effects of governmental legislation and regulation; the outcome of various legal proceedings; the availability of adequate insurance at reasonable cost; the impact of construction defect, product liability and home warranty claims, including the adequacy of self-insurance accruals, and the applicability and sufficiency of our insurance coverage; the ability of customers to obtain financing for the purchase of homes; the ability of home buyers to sell their existing homes; the ability of the participants in various joint ventures to honor their commitments; the availability and cost of labor and building and construction materials; the cost of raw materials; construction delays; domestic and international political events; weather conditions; and the anticipated benefits to be realized from the acquisition of Coleman Homes. For a more detailed discussion of these factors, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.