Shanghai Electric to receive RMB239.98m for land resumption

Shanghai Electric Group Company Limited announced that it has agreed to the resumption of its land use rights for a property located at No. 8, Guangxing Road, Shanghai. The Zhongshan Street Office of the People's Government of Songjiang District, Shanghai will resume the land for urban planning and public interest, with Shanghai Electric receiving total compensation of RMB239,979,273.9. The compensation includes RMB165,878,110 in appraised value for the land, buildings, and equipment, as well as compensation for loss of production and business operations (RMB13,601,799.2) and other related expenses (RMB60,499,364.7). The transaction is expected to positively impact the company's net profit attributable by approximately RMB183 million. The company will comply with disclosure obligations and monitor the process.