Harbin Electric's Subsidiary Buys Hotel to Turn it Into Apartment for Students

MT Newswires Live07-29

Harbin Electric's (HKG:1133) subsidiary Harbin Boiler agreed to purchase property and land use rights of Haguo Hotel from Haguo Industrial for around 52.0 million yuan, a Friday filing with the Hong Kong Exchange said.

The target property, Haguo Hotel is situated at no. 446, Sandadongli Road, Xiangfang District, Harbin. Its land parcel is 4,606 square meters and has a building area of 4,726.3 square meters. The remaining land area after its occupation is approved is 1,616.40 square meters.

The boiler company intends to turn the hotel into residential apartments for new college students in order to attract more talent, retain the talent, and assist in the development of a healthy environment in the company.

The company's shares were down over 1% on Monday's close.

Price (HKD): $2.57, Change: $-0.03, Percent Change: -1.15%

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