Shanghai Electric to sell land for $56 million

Shanghai Electric Group (SSE:601727) announced on December 30, 2024, that it will sell its land located at 1111 Hu Min Road, Shanghai, to the Jiangchuan Road Subdistrict Office for RMB 395.62 million (approximately US$56 million). The sale, part of a government urban development initiative, includes land and buildings with a total area of over 73,500 square meters. The transaction is expected to positively impact the company's 2024 net profit by approximately RMB 200 million (US$28 million) after accounting for expenses. The payment will be made in two installments, with 30% upfront upon agreement signing and the remaining 70% following the completion of relocation by June 30, 2025. The transaction was approved by the board of directors and does not require shareholder approval.