科軒動力 Subsidiary Sells Chongqing Industrial Park Property For RMB 20 Million

Kehua Power (00476) said its subsidiary Chongqing Suitong New Energy Vehicle Manufacturing has signed a sale and purchase agreement with Chongqing Gangyang Machinery Manufacturing to sell an industrial park property for a total consideration of RMB 20 million. The property is located at No. 70 Donglu, Baima Town Industrial Park, Wulong District, Chongqing, and includes two parcels of land with a total site area of about 68,700 square metres and four buildings with a total gross floor area of about 25,500 square metres, according to ETNet. Kehua Power expects to record a loss of about RMB 14.6 million from the disposal and said net proceeds of RMB 16.5 million will be used to settle the outstanding amount under a Chongqing arbitration ruling.