Gelonghui Electronics City (600658.SH) announced on January 15 that its wholly-owned subsidiary Shuozhou Electronics City Cyberport Development Co., Ltd. received relevant documents from the Natural Resources Bureau of Shuocheng District, Shuozhou City to withdraw the right to use state-owned construction land. Since the local government no longer approves the establishment of private compulsory education schools, the district government issued a document agreeing to withdraw the right to use the state-owned construction land and fully refund the concession price, related taxes, etc. of Shuozhou Electronics City.
At present, Shuozhou Electronics City (Party B) has signed the “Agreement on the Recovery of State-owned Construction Land Use Rights for Parcel 2017-19-2 of Shuozhou District Land” with the Shuozhou Shuocheng District Natural Resources Bureau (Party A). The agreement stipulates that Party A agrees to take back the right to use the state-owned construction land and fully refund Party B's concession price and related taxes.