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Hunan Valin Steel to Buy Land for 70 Million Yuan in Related-Party Deal

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Hunan Valin Steel (SHE:000932) unit Valin Henggang will purchase 165 mu of industrial land in China's Hunan province from related party Henggang Group for 70.1 million yuan.

The land will house the 630 Project, an extra-large diameter seamless steel pipe continuous rolling facility, according to a weekend filing with the Shenzhen bourse.

The price, based on a third-party appraisal, reflects a 230% premium over the book value due to rising land prices.

Shares of the steel and nonferrous metal processor closed 1% higher Monday.

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