|Source: Chanhigh Holdings Limited|
Pursuant to the Agreement, the Qingzhou Municipal Government will provide a piece of industrial land of approximately 2,001,000 square meters at a unit price of no more than RMB120 per square meter in the Naoshan Economic Development Zone in Qingzhou City for developing the Chanhigh Naoshan High-Tech Industrial Park (the "Park"). The Group will be responsible for investment, development, operation and promotion of the Park. The first phase of the Park will be on a site of no less than 600,300 square meters. In addition, the Group is required to bring into the Park at least one headquarters project before the end of 2018 and also attract a minimum of five enterprises to set up operations in the Park within three years. As for the Qingzhou Municipal Government, it shall retain part of the tax enterprises in the Park are to pay in the first five years and the full amount will be granted to the Group.
As an industry leading integrated construction enterprise, the Group has been active in pushing for market penetration drawing on its unique experiences and qualifications. The Agreement will enable the Group to strengthen strategic cooperation with the Qingzhou Municipal Government, expand business coverage and reinforce its core competitiveness. Furthermore, the development and operation of Chanhigh Naoshan High-Tech Industrial Park will also present synergies and new development opportunities to the Group and see it improve overall business performance in the long run.
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