Toyota to Sell U.S.-Made Camry, Highlander, and Tundra in Japan From 2026 to Ease Trade Tensions 
Boeing Seeks FAA Emissions Waiver to Continue 777F Freighter Sales Amid Strong Cargo Demand 
Delta Air Lines President Glen Hauenstein to Retire, Leaving Legacy of Premium Strategy 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Oracle Stock Surges After Hours on TikTok Deal Optimism and OpenAI Fundraising Buzz 
LG Energy Solution Shares Slide After Ford Cancels EV Battery Supply Deal 
Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
Elon Musk Wins Reinstatement of Historic Tesla Pay Package After Delaware Supreme Court Ruling 
LOS ANGELES, Feb. 23, 2016 -- Nova LifeStyle, Inc. (NASDAQ:NVFY) ("Nova LifeStyle" or the "Company"), a U.S.-based, innovative designer, manufacturer and distributor of modern LifeStyle furniture, is pleased to announce that the Company has been selected as an exclusive supplier for the Vanke House Living Pavilion project. The project is managed by China Vanke Co., Ltd. (“Vanke”), one of the leading real-estate developers in China.
Showcased at the Milan Expo 2015, Vanke presented its vision for a “Shi Tang” concept space, which is rooted in traditional social structures and focuses on the opportunity to live and socialize in a healthy and calming atmosphere.
Nova LifeStyle President Tawny Lam commented, “Vanke is one of the leading real estate developers in China. Partnering with Vanke validates our focus on developing new channels of distribution, particularly real estate developers. We continue to benefit from our globalized operations, which allows the Company to leverage its North American and China sales channels simultaneously. We believe that this will continue to help Nova LifeStyle drive revenue growth and global recognition going forward.”
While this initial cooperation consists of a specific product (mattresses), Nova LifeStyle is working to expand its product line with Vanke in order to provide a complete home furnishing package for the project.
About China Vanke Co., Ltd.
China Vanke Co., Ltd. has become a leading real-estate developer in China since it stepped into the housing market nearly thirty years ago in 1988, with its main business being real-estate development and property service. Adopting the strategy of focusing on city clusters, Vanke had established its presence in 65 cities in mainland China by the end of 2014, mainly in the Pearl River Delta centered on cities of Guangzhou and Shenzhen, the Yangtze River Delta centered on Shanghai, the Bohai Rim Region centered on Beijing, and the Chengdu Region which covers major cities in Midwest China. In 2013, Vanke began to invest overseas. It has now been involved in six real-estate development projects in Hong Kong, Singapore, Los Angeles, and New York City. Its sales volume in 2014 amounted to RMB215.13 billion for 18.064 million square meters, making it an industry leader globally in terms of sales performance. Vanke conducts its property service business mainly through Vanke Property Development Co., Ltd. (Vanke Property), which has the mission to provide first-class property service and building maintenance consistently. By the end of 2014, Vanke Property had 457 property service projects in 61 large- and medium-sized cities in mainland China, covering a contractual property management area of 100 million square meters.
About Nova LifeStyle
Nova LifeStyle, Inc., a NASDAQ Global Markets Exchange listed company headquartered in California, is a fast growing, innovative designer, manufacturer and distributor of modern LifeStyle furniture; primarily sofas, dining rooms, cabinets, office furniture and related components, bedrooms, and various accessories in matching collections. Nova's products are made in the US, Europe, and Asia and include LifeStyle brands such as Diamond Sofa, Colorful World, Giorgio Mobili, Nova QwiK, and Bright Swallow International. Nova's products feature urban contemporary styles that integrate comfort and functionality incorporating upscale luxury designs appealing to LifeStyle-conscious middle and upper middle-income consumers in the U.S., China, Europe, and elsewhere in the world. To learn more about Nova LifeStyle, Inc., please visit our website at www.NovaLifeStyle.com
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the Company's expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Nova's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Nova's filings with the Securities and Exchange Commission.
Company Contact: Investor Relations The Equity Group Inc. In U.S. Adam Prior, Senior Vice President +1 (212) 836-9606 [email protected] In China Katherine Yao, Senior Associate +86-10-6587-6435 [email protected]
