Tuesday, 19 Jul 2011 08:00am EDT
China Sky One Medical, Inc. ( CSKI.NSDQ) announced that the Company has won the bidding process on 50-year land use rights (Land Use Rights) covering approximately 85,000 m2 of land located in the High-Tech Development Zone of Song Bei District in Harbin, China (Land). The Company acquired the Land Use Rights for total consideration of approximately $7.3 million, which was originally deposited by the Company's wholly owned subsidiary, Harbin Tian Di Ren Medical Science and Technology Company, to Harbin High-Tech Development Zone during the second quarter of 2010. The Company intends to build a research and development center, an injection manufacturing facility, a logistics center and an office building on the Land during the first phase of development, which the Company currently expects to complete in the mid of 2012.