Coastal Greenland's (HKG:1124) subsidiary Dalian Jinrijunjian Paradise agreed to surrender a land parcel to Dalian Jinpu New District Natural Resources Bureau for a compensation of 109 million yuan, a Monday Hong Kong bourse filing said.
The said land parcel is located at Longwangmiao Village, Youyi Street, Jinzhou District, Dalian City, Liaoning Province, and has a site area of 246,091 square meters.
The company plans to use about 90% of the net proceeds of 108.5 million to repay the group's debts and the remaining 10% for working capital.
The property developer's shares surged almost 24% in recent trade.
Price (HKD): $0.17, Change: $+0.033, Percent Change: +23.74%
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