CHTC Fong's International (HKG:0641) unit Fong's National Engineering (Guangdong) received a termination notice for the surrender of land use rights of the Xiangshan Avenue land to the Zhongshan City Land Reserve Center (LRC), according to a Wednesday filing with the Hong Kong bourse.
The termination issued by the Zhongshan Cuiheng New District Management Committee is effective immediately, the filing said.
Under the proposed transaction, 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.
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