CCCG wins land use rights for Hangzhou "Flying Land"

Zhejiang China Commodities City Group (CCCG, SSE:600415) announced that its wholly-owned subsidiary, Hangzhou Shangbo Nanxing Real Estate Co., Ltd., has successfully bid for land use rights in Hangzhou's Shangcheng district. The bid, worth CNY 568.71 million, secures the JG1203-28 plot in the Jingfang Sanbao Unit. The 13,921 square meter site will be used for commercial and business purposes with a planned construction area of 48,723.50 square meters. CCCG intends to develop the site into a "flying land" extension of the Yiwu market, fostering a synergistic relationship between Yiwu's industrial advantages and Hangzhou's digital innovation resources. Total investment in the project is estimated at CNY 1.099 billion and will be funded through a combination of the company's own funds and bank loans. Construction is expected to take 2-3 years.