Chongqing Machinery & Electric Co., Ltd. (HKG:2722) announced that the company has decided to acquire Luohuang Industrial Park in Jiangjin District, Chongqing. The area of the land is approximately 1,169 mu (approximately 779,333 square metres) and shall be used for industrial purpose only. The consideration will be approximately RMB280,000 (equivalent to approximately HK$343,507) per mu, which shall be paid based on the actual price as determined through the bidding, auction and listing process.

In accordance with the strategic deployment of the Chongqing Municipal Government for industrial enterprises, namely "relocation from urban areas and into industrial parks", Water Turbine Company, Tool Company, Shenjian Company and Yinhe Forging & Founding will implement environmental relocation.

Source:chinesestock.org