Caissa Tosun Development (SHE:000796) directors approved a plan to rent sea area use rights in Qingdao, China from controlling shareholder Qingdao Huanhaiwan Cultural Tourism Development Group, according to a Tuesday filing with the Shenzhen bourse.
The leased sea area is about 5.85 hectares, with an initial rent of 1.2 million yuan yearly, rising by 3% every three years. The lease is valid for 20 years for a total of 26.8 million yuan, the tourism services company said in its filing.
Caissa will use the leased property to construct a small harbor. The total project cost is estimated at 75.5 million yuan.
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