CHANGCHUN, China, December. 25, 2019 /PVTIME/ — On December 21, Huajun Power Nanjing, an indirect wholly owned subsidiary of Huajun International Group Limited, successfully won a bidding for the land use rights to the Target Land in Liuhe Economic Development Zone through the Listing-for-Sale organized and held by the Nanjing Planning and Natural Resources Bureau Liuhe Branch at the Land Grant Price.
The transferred land is located at the south of Weisi Road and the west of Jingqi Road in the Liuhe Economic Development Zone. The land transfer fee was RMB 48.56 million, and the granting period is 50 years from the delivery date. The Target Land, which will be used for industrial purposes, has a total area of about 122925 square meters.
The Target Land will be used to set up a production base for solar products in the Liuhe Economic Development Zone. As disclosed by the Company in its Interim Report 2019, solar photovoltaic is one of the core business segments of the Group. This segment is principally engaged in sales and manufacturing of solar photovoltaic products. The Board considers that the Acquisition will strengthen its position in the solar photovoltaic segment and enhance the Group’s solar photovoltaic business by expansion of the production capacities of the Group in the PRC, and support the Group’s development plans and presence in the PRC.