KEE Holdings (RCode::02011:) said that it has bid for and win the right to acquire the land use right of a piece of land in Hubei Province at an auction. The company has agreed to pay RMB10.56 million as the consideration for the acquisition and has paid RMB4.06 million as deposit.

A transfer agreement shall be entered into between KEE and the Jingmen Municipal People's Government before 22 January 2012.

With an estimated area of 270 mu, the land is located at Jingmen Economic Development Zone in Hubei Province and may be developed for industrial use. The duration of the land use right is 50 years. The land will be used to develop a new manufacturing plant to augment the operation and production capacities of the KEE group.