WENLING MCT spent 52.06 million yuan to acquire land in Wenling City for the construction of the Shanhaitianqiao project
WENLING MCT announced that its wholly-owned subsidiary WENLING XURI successfully bid for and acquired the land use rights located in Wenling City, Zhejiang Province on June 10, 2025, for a total price of 52.06 million yuan. The site will be used to construct the Shanhaitianqiao project, which plans to build two commercial office buildings and one commercial building, with an estimated construction cost of 265 million yuan. This move will enhance the group's position in the cutting tool market and expand its property leasing business
According to the Zhitong Finance APP, WENLING MCT (01379) announced that on June 10, 2025, WENLING XURI (the company's direct wholly-owned subsidiary) signed a transaction confirmation with the Natural Resources Bureau, confirming that WENLING XURI successfully bid for the land use rights of a plot located in Qianyangxia Village, Wenqiao Town, Wenling City, Zhejiang Province, China, which was auctioned by the Natural Resources Bureau. Due to the successful bidding, WENLING XURI and the Natural Resources Bureau signed a state-owned construction land use rights transfer contract on June 10, 2025, under which the Natural Resources Bureau agreed to transfer, and WENLING XURI agreed to acquire the land use rights of the plot, with a total price of RMB 52.06 million.
It is reported that the plot is located in Qianyangxia Village, Wenqiao Town, Wenling City, Zhejiang Province, China, with a total area of approximately 19,271 square meters.
The group currently plans to develop and construct the plot into the Shanhaitianqiao construction project in Wenling City, in line with the group's development strategy. Upon final approval from the relevant government departments, it is expected that the plot will be developed into two commercial office buildings with heights of 11 and 14 floors respectively, and one commercial building with a height of 4 floors. The estimated construction cost for developing the plot is RMB 265 million, which does not constitute part of the total cost of the acquisition and is expected to be funded by the group's internal resources and/or financing. The acquisition will further consolidate and enhance the group's market position in the overall cutting tool market, while expanding its operational services in industrial parks and enhancing its property leasing business capabilities, actively promoting the group's future sustainable development
