Our philosophy in developing special situation projects is based on the distressed property development model characterised by shorter project cycles and less cash-flow requirements than traditional greenfield developments. As a result, this business model allows us to generate stronger cash flow for new project acquisitions and portfolio expansion.
Our focus of this business is primarily on the acquisition of medium-to-large-scale, partially-completed property projects in prime locations in major and secondary cities in the Chinese Mainland. Once acquired, the projects will be upgraded and, upon completion, will either be sold or leased. As of December 2018, our diversified property portfolio spanned across Chengdu, Chongqing, Guangzhou, Nanjing, Shenyang, Tianjin and Hong Kong.
Here we would like to share with you our track records of turning around special situation projects to high quality properties.