Tiande Chemical Holdings (HKG:0609) has agreed to purchase from connected person Weifang Xiang Rui Properties Management Ltd. 156 residential units in Shandong Province at a total consideration of RMB18 million (HK$22.118 million).

The residential units have an aggregate building area of 9,200 sqm to be constructed on a parcel of land located adjacent to the northern exit of parcel A land at Jumin Xiaoqu, Xiangrui Yaju, Weifang Binhai Economic-Technological Development Area, Shandong Province.

The residential units will be used as centralised staff quarters by Tiande Chemical, which can accommodate all the staff at the Weifang Binhai production plant.

Weifang Xiang Rui Properties Management is an indirect subsidiary of Weifang Tianhong Equity Investment Company Limited, a company in which Liu Hongliang, Wang Zijiang, Guo Xitian and Guo Yucheng, all of them executive directors of Tiande Chemical, have a majority equity interests.

Source:chinesestock.org