[photopress:changhong.jpg,full,alignright]In Sichuan Changhong Electric plans to transform several obsolete factory plots into a commercial land development project. This is not inexpensive. The television maker had to pay RMB270.3 million ($34.5 million) to the state land administrative office to change the use of five plots.
These plots, which total 276,967 square meters, were factories will now be a business center in downtown Mianyang, Sichuan Province. Yang Jun, the company board secretary, said, ‘The site has developed into a business center and is no longer suitable for production. The company has already moved facilities to a high-tech zone. The downtown plots provide Changhong with opportunities to tap the expanding housing and retail markets.’
The plan is to build a complex of retail stores, office buildings and residential units on the land. Detailed planning is expected to be completed by the middle of next year. The company said it may work with major property developers to carry out the project. In case you are wondering about the illlustration it comes for the Changhong site.
Source: Shanghai Daily