Tianbao Holdings Ltd Updates on Zhengzhou Project
Tianbao Holdings Ltd announced an update to the Zhengzhou Project where the Company is developing its own property (Zhongyuen West Road). Due to local government relocating its offices to a piece of land adjacent to the Company's own property of 11,500 square meters (sqm), this has been re-designated from low income housing to a higher level, including commercial use. This re-designation increases the value to the project from EUR 48 million to EUR 62 million, with the land alone being valued at about RMB 100 million ( approximately USD16 million) prior to construction. Building permission has been granted for a three story shopping mall, totaling 5300 sqm retail space.
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