November 17 -- Haining China Leather Market (002344.SZ) intends to invest 1.363 billion yuan to establish the Haining Leather City in the Sichuan Chengdu Xindu Development Zone, reports Yicai.com, citing a company filing.

The company acquired a 132,000-square meter plot of land in the development zone for 119 million yuan on November 16.

China Leather Market plans to develop the property in three phases. The first phase will consist of constructing the leather market with a total investment of 663 million yuan. In the next two phases, the company will build the market's headquarters and then employee housing that will span an area of 50,000 square meters.

China Leather Market has also granted a loan of 500 million yuan to its Chengdu subsidiary, which will be repaid in three years.

Source:CapitalVue