In March 2014, CDB International ("CDBIH"), a wholly-owned subsidiary of CDB Capital ("CDBC") completed its subscription of CNTD's 54.3% shares. CNTD thereafter became a subsidiary of China Development Bank ("CDB") and CDBC. CDB is the largest policy bank in China and has a leading position in the urbanization process in China, while CDBC has nationwide network and industry leadership in new town development.
We are pioneer in new town development in China. We have established industry leadership through over ten years of solid track record since 2002, and are among the very first non state-owned players to engage to primary land development. We have a distinctive business model that, through joint venture partnership with local government entities, we turn bare land into valuable land resources and receive a significant portion of land sale proceeds from the relevant PRC land authorities once the land plots are sold to third party property developers through public auction, tender or listing. In the new town development process, we have exclusive development and management rights and are not only responsible for master town planning, land preparation, infrastructure construction, but also nurturing long term town value through building high quality facilities and introducing premium brands and leading real estate developers. We currently have three new town projects, located in Shanghai, Wuxi and Shenyang respectively, with total site area of approximately 36 sq.km.
Currently, CNTD has 3 new town projects located in Shanghai Luodian, Wuxi Hongshan, and Shenyang Lixiang, with remaining salable areas of 859mu (572k sqm), 4,666mu (3.10m sqm), and 17,760mu (11.85m sqm), respectively. In 2013, the Group achieved revenue of RMB1.2 billion, of which RMB0.6 billion was from sales of land. With the extensive business and project networks of CDBC and financial support from CDB and CDBC, CNTD is expected to grow in a rapid pace going forward.