Two units of CHTC Fong's International (HKG:0641) intend to enter into agreements to surrender the land use rights of certain parcels of land to Zhongshan City Land Reserve Centre for a total of 410.8 million yuan, an April 11 filing with the Hong Kong bourse said.
Units Fong's National Engineering (Guangdong) and Monforts Fong's Textile Machinery (Zhongshan) will surrender the land use rights for parcels in Guangdong Province, China, with site areas of around 47,446.8 square meters and 133,333.3 square meters, respectively.
The move comes as the textile manufacturer seeks to reduce its debts and boost working capital. Proceeds from deals will be used to repay bank loans.
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