November 15 -- Jiangsu Wujiang China Eastern Silk Market (000301.SZ), a company involved in the real estate, transportation, power generation and textile businesses, plans to spend 178 million yuan to acquire assets such as land use rights, factories, and related equipment belonging to Shengze Textile from controlling shareholder, Jiangsu Wujiang Silk Group, reports yicai.com, citing a company filing.

The proposed transaction was part of a large-scale asset restructuring previously promised by Wujiang Silk Group.

According to Eastern Silk Market, the transaction will reduce related-party transactions.