China New Town

Amazing 16 m shares bought back by China New Town today - see announcement to SGX. This is serious signal that the company intends to get the share price up to a decent valuation. I think its financial results will have to keep up. It has shown a sharp rebound, and there should be more revenue & profit growth from land auction sales to come. China New Town\'s business is about selling land parcels that it has prepared for development to property developers - not individual man on the street in China. This is a common mistaken notion. The developers know the market prices. They are not akin to foreigners looking to buy HDB flats in Punggol in 1995.

A new Chief Operating Officer.... Ms Gu has over 18 years of management experience in the real estate industry. She has been associated with SRE Group Limited (“SRE”), a company listed on the Hong Kong Stock Exchange, since 1996 and served as Vice President of SRE until 2006. Between 1996 and 1998, she held the position of Facilities Department Manager at Shanghai Well Real Estate Co., Ltd. (“Shanghai Well Real Estate”), where she oversaw the operation of facilities in real estate project. From 1998 to 2000, she served as an Assistant General Manager at Shanghai Xingdong Co., Ltd., where she was responsible for overseeing the operation of facilities in real estate projects and marketing. She returned to Shanghai Well Real Estate in 2000 and served as General Manager until 2002, where she was responsible for the operations of the company. She was subsequently joined Shanghai Golden Luodian Development Co., Ltd. (“SGLD”) in 2002, where she held the position of General Manager and was responsible for the operations of the company until February 2007. In addition, she has been a Director of SGLD since 2002. Ms Gu Bi Ya was previously appointed to the Board of CNTD on 30 November 2006 and has been the General Manager for the Wuxi Project since 1 April 2007. On 1 June 2009, Ms Gu resigned as an Executive Director as she had a surgical operation. And now, Ms Gu has been fully recovered and is able to return to duty.