Asia
Guofeng New Materials' Unit Agrees to Receive 35 Million Yuan in Relocation Compensation
Anhui Guofeng New Materials' (SHE:000859) unit, Wuhu Guofeng Plastics Technology, agreed to receive relocation compensation worth 34.9 million yuan for land assets in China's Wuhu Economic and Technological Development Zone, according to a Shenzhen bourse filing on Wednesday.The development zone's management committee plans to recover the state-owned land and property within the area as part of overall planning and industrial development needs.The first installment will be paid by Dec. 30 this year and the remaining compensation will be fully paid by Dec. 30, 2027.The company's shares dropped 7% at the close.
SHE:000859
