Yues International's (HKG:1529) subsidiary Jiangxi Lelaohao Traditional Chinese Medicine Industry Technology Development won a bid for the acquisition of the land use rights for land in Jiangxi Province through a public tender offer of 10 million yuan, a Tuesday Hong Kong bourse filing said.
The land was put up for bidding by the People's Government of Dongxiang District, Fuzhou City, Jiangxi Province, and is located in Dongxiang District, Fuzhou City.
The land covers an area of 13,597.53 square meters including 10,937.53 square meters for logistics warehousing and 2,660 square meters for hotel use.
It can be used for logistics warehousing for 50 years and for hotel use for a term of 40 years under the grant of land use rights.
The group plans to use the land to establish a traditional Chinese medicine logistics industry park. The company paid a refundable deposit of 9.9 million yuan to the vendor and plans to enter a formal agreement for the acquisition in early December. The acquisition will be funded through the internal resources of the group.
The supply chain logistic services provider's shares were down over 5% in recent trade.
Price (HKD): $0.07, Change: $-0.0040, Percent Change: -5.13%
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