Qinchuan Machine Tool to receive CNY 79.95m for land

Qinchuan Machine Tool & Tool Group Share (SZSE:000837) announced that it will receive CNY 79.95 million from the Xi'an Economic Development Zone Management Committee for the acquisition of land use rights and buildings located on Fengcheng 2nd Road. The acquisition is part of Xi'an's urban planning and construction efforts. The compensation includes CNY 49.47 million for the land and buildings, and CNY 30.48 million as a land grant reward. The transaction has been approved by the company's board of directors and is subject to shareholder approval. Qinchuan Machine Tool stated the deal will optimize its asset structure and improve efficiency.