Shanghai Construction Group secures land use rights in Tianjin

Shanghai Construction Group (SSE:600170) announced that its indirect holding, Tianjin Tianzhu Jiahe Real Estate Development, has obtained land use rights in Tianjin's Hebei District for the Yuguan Road project. The land, covering 17,100 square meters, will be used for resettlement housing with a total residential construction area of approximately 26,100 square meters. The project represents an investment of approximately CNY 330 million, which includes land consolidation costs, and will be allocated within the company's 2025 investment plan. The acquisition aligns with Shanghai Construction Group's property business development strategy, contributing to the company's sustainable growth. The company acknowledged potential risks related to resettlement housing repurchase prices, payment schedules, and project management, and stated that measures will be implemented to mitigate these risks.