Ningbo Changhong Polymer Secures Zhejiang Land Rights For 630 Million Yuan Facility
Ningbo Changhong Polymer Scientific and Technical (SHA:605008) has acquired state-owned land use rights for a 630 million yuan high-end fiber elastomer and PBAT black masterbatch facility, according to a Shanghai Stock Exchange filing on Thursday.The company's wholly owned subsidiary Zhejiang Changhong Biomaterials won the bid for a 33,000-square-meter industrial plot in Shengzhou, Zhejiang province, for a total consideration of 19.7 million yuan. The land grant term is 50 years.At the site, the thermoplastic elastomer producer will build a facility capable of producing 50,000 tons of high-end fiber elastomers and 100,000 tons of PBAT black masterbatch annually.Of the total plant investment, about 507 million yuan is allocated to fixed assets.Construction is expected to be completed within 18 months.
