Tianhong Textile (02678.HK) announced that on February 2, 2018, Haihe Industrial Zone entered into the first agreement with Tianhong Galaxy, an indirect wholly-owned subsidiary of the company, and Tianhong Galaxy acquired the first piece of land from Haihe Industrial Zone. block, with a price of 45 million yuan.
Haihe Industrial Zone entered into a second agreement with Texhong Technology, an indirect wholly-owned subsidiary of the company, under which Texhong Technology acquired a second plot of land from Haihe Industrial Zone for a consideration of RMB 83.8 million.
The first plot and the second plot are both located in Haihe Industrial Zone, Haihe District, Quang Ninh Province, Vietnam. The site areas are approximately 145,180 square meters and 269,700 square meters respectively. The land use rights were both expired on April 24, 2064. day expires.
The announcement shows that Tianhong Galaxy has acquired three pieces of land in Tianhong Haihe Industrial Zone for the construction of factories for manufacturing yarn and gray fabrics. The Group intends to continue to develop the Rainbow Galaxy business in accordance with the investment plan within its business license. In view of the huge demand in the yarn market, the Group decided to acquire the first land parcel to further expand its yarn production capacity. Tianhong Textile acquires two more plots in Vietnam to expand yarn production capacity
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