Shanghai Electric to gain CNY 183m from land acquisition

Shanghai Electric Group Company announced that it has agreed to the acquisition of its land use rights for a plot located at 8 Guangxing Road, Shanghai, by the Shanghai Songjiang District Government's Zhongshan Subdistrict Office. The total compensation for this acquisition is CNY 239,979,273.9. Shanghai Electric estimates that this transaction will positively impact its net profit attributable to the parent company by approximately CNY 183 million after deducting book value and related expenses. The land acquisition does not constitute a major asset restructuring, nor does it involve related-party transactions, and will be implemented in accordance with the relevant accounting standards. Final profit impact is subject to audit confirmation, and the company will continue to monitor and disclose updates on the progress of the acquisition.