CHINA WEAVING sold 45.027 million for eight plots of land in the Fengxin County Industrial Park, Jiangxi

CHINA WEAVING (03778.HK) announced that today (5th) it has entered into a sale and purchase agreement with the buyer to sell eight plots of land in the industrial park of Fengxin County, Jiangxi, for a cash consideration of RMB 45.027 million. The group expects to record a net book gain of approximately RMB 4 million from the sale.

The company stated that the total area of the land is approximately 143,900 square meters, and the total floor area of the premises erected on the land is approximately 37,000 square meters, which are the main assets of the group's short fiber manufacturing department, which ceased operations at the end of 2022. Since then, the target assets have been reallocated to support the yarn manufacturing business, but their contribution to the yarn manufacturing department is limited