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Tonic Industries Holdings Ltd's Merchants Property Development (Guangzhou) Ltd Announces Acquisition Of Land

Monday, 4 Nov 2013 11:29pm EST 

Tonic Industries Holdings Ltd announced that, on November 4, 2013, Merchants Property Development (Guangzhou) Ltd., a non wholly-owned subsidiary of the Company, has obtained the Land Transfer Confirmation for the land parcel in Foshan City, Guangzhou Province, the People‚Äôs Republic of China (the Land) for a total consideration of CNY357.4 million. The Land is situated at the land lot in Dazheng Road, Jiujiang Town, Nanhai District, Foshan City. The Land has a total site area of approximately 68,072 sq.m. and its permitted plot ratio is between 2.0 to 3.5. The Land is designated for a mix of residential usage and accommodation, dining, wholesale and retail usage. The term for residential usage is 70 years and for accommodation, dining, wholesale and retail usage is 40 years. 

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