Songyang Resources to sell land for CNY 84.1m

Guangdong Songyang Recycle Resources Co., Ltd. (SSE:603863) announced plans to sell a portion of its land use rights located in Shantou City, Chenghai District. The decision, approved at the company's 22nd meeting of the 4th Board of Directors, aims to improve asset efficiency and increase shareholder value. The company will sell a total of 28,034.20 square meters (42.05 mu) of land for a total of CNY 84,100,000.00. 14,017.1 square meters (21.025 mu) will be sold to Shantou Zhanyi Cultural Development Co., Ltd. for CNY 42,050,000.00, with the remaining 14,017.1 square meters sold to Shantou Wanzhuang Food Co., Ltd. for the same price. The transactions will increase the company's pre-tax profit by approximately CNY 800,000.00 in 2025. Songyang Resources will use the proceeds to replenish working capital and invest in its primary business.