Gelonghui, December 15, China Vocational Education (01756.HK) announced that on December 15, 2023, Huali University, an entity linked to the company's comprehensive accounts, signed a confirmation letter with the Jiangmen Public Resources Center and its Xinhui Branch Center. According to this, the Jiangmen Public Resources Center and its Xinhui Branch Center have confirmed, while Huali University has admitted that Huali University has won the land use rights for the land at a total cost of RMB 62.36,900. As a result of winning the bid, Huali University expects to enter into a state-owned land use rights concession contract with the Jiangmen Resources Bureau within six business days after signing the confirmation letter. The land will be used to build Huali University's Jiangmen campus in Jiangmen, China.
The land is located in Waiken Sanlong Wai, Yamen Town, Xinhui District, Jiangmen City, Guangdong Province, China. The total land area of this land is 107,958.36 square meters. The land is for educational purposes, and the land tenure period for this land is 50 years. The land will be used to build Huali University's Jiangmen campus in Jiangmen, China.
The land is intended to be used to build the Jiangmen campus of Huali University to expand the capacity of the Group's existing campus. The land acquisition and construction of Huali University's Jiangmen campus on this land are in line with the Group's development strategy and have further expanded the Group's vocational education teaching scale. After considering the above factors, the directors believe that the land acquisition is beneficial to the Company and shareholders as a whole, and that the land is considered suitable to support the Group's business development. The directors also believed that the terms of the land acquisition were normal commercial terms, were fair and reasonable, and conformed to the overall interests of the Company and shareholders.