Jinhua Chunguang Technology (SHA:603657) subsidiary Suzhou Shangteng Technology Manufacturing won the rights for the use of a plot of land in Suzhou, China, for 5.5 million yuan, according to a Thursday filing with the Shanghai bourse.
The parcel has an area of 21,800.1 square meters, and the land transfer is valid for 30 years, the rubber and plastic products manufacturer said in its filing.
Under the contract, Shangteng should start construction on the land before Sept. 15, 2026, and end the project before Sept. 15, 2028.
Shares closed 5% lower on Thursday.
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