Bright Dairy expects $1.1B gain from land sale in Shanghai

Bright Dairy & Food Co., Ltd. (SSE: 600597) announced it has completed the relocation from its former headquarters in Shanghai's Minhang District. The land has been included in the city's land reserve plan. The company expects to receive approximately 7.8 billion RMB (approximately $1.1 billion USD) in compensation, resulting in a pre-tax gain for the 2024 fiscal year. The final amount is subject to audit confirmation. The company signed a relocation agreement with the Shanghai Minhang District Hongqiao Town Demolition and Relocation Office in 2019. The relocation was recently completed, and the company received official confirmation.