Shanghai Electric Group's (HKG:2727, SHA:601727) unit, Shanghai Mechanical & Electrical Industry, agreed to sell its properties in Shanghai, China for 202.4 million yuan, according to a Sept. 27 disclosure on the Hong Kong Stock Exchange.
Shanghai Changning District Housing Security and Housing Administration and Shanghai Changning Second Housing Expropriation Service will expropriate the properties for 15.8 million yuan and 186.6 million yuan, respectively.
The property on 2408 Wanhangdu Road, Shanghai has a building area of 686 square meters and the one on 2453 Wanhangdu Road has a building area of 12,314 square meters. Both were used as sites for industrial plants, the electrical equipment manufacturer said.
Shares of the company rose more than 2% on the Hong Kong bourse.
Price (HKD): $1.84, Change: $+0.040, Percent Change: +2.22%
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