Raffles Education Unit to Receive 293 Million Yuan Compensation from Land Reclamation

MT Newswires

08/19

Raffles Education's (SGX:NR7) subsidiary, Langfang Hezhong Education Consulting, signed a compensation agreement worth 293.3 million yuan for the compulsory government reclamation of land in Hebei Province, China.

Local authorities are repossessing 13 parcels of state-owned lots with a total land area of 332,679

meters, and buildings erected thereon with a gross floor area of 51,298 square meters, according to a Tuesday filing with the Singapore Exchange.

The consideration covers the land use rights and buildings, and will be paid in two tranches.

Shares of the private education services company were up over 6% in Wednesday trading.

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