FAW Jiefang unit lands $30m in expropriation compensation

FAW Jiefang Group announced that its wholly-owned subsidiary, FAW Jiefang Automobile, will receive RMB 215.06 million in compensation from the Chengdu Xindu District People's Government for the expropriation of land, buildings, and related facilities located in the Chengdu urban ecological zone. The assets include 43,756.42 square meters of factory buildings and related facilities, 155,235.4 square meters of industrial land, and 28,385.09 square meters of buildings. An independent valuation put the assets' worth at RMB 179.25 million, with the difference made up by relocation incentives. FAW Jiefang anticipates a net profit increase of RMB 156 million in 2025 due to the compensation.