Hangao Group: Plans to bid 2.018 billion yuan for land and invest in construction projects.

Han Gao Group announced that the company plans to bid for the land use rights of the second phase of Shunde High-Tech Zone in Foshan City, Guangdong Province, and invest in a new construction project. The starting price for the land auction is 252 million yuan, with an estimated investment of 2.018 billion yuan for the project. The funds will come from own funds, bank loans, etc. The company plans to establish a wholly-owned subsidiary to be responsible for project development, construction, and operation. The proposal has been approved by the board of directors, but still requires approval from the shareholders' meeting. This transaction is not a related party transaction or a major asset restructuring. However, there are uncertainties in land acquisition, project advancement, etc.