Gelonghui, May 23 | World (Group) (00713.HK) announced that on May 22, 2024, Fengbao Textile (Zhongshan), a wholly-owned subsidiary of the group company, and Guangdong Nansu Building Materials Products Co., Ltd. signed an investment promotion agreement for the Shaxi Town Industrial Project with the People's Government of Shaxi Town, Zhongshan City, to implement the industrial reform project mentioned in the announcement in line with the terms of the agreement and the government's industrial reform policy and related laws and regulations. The industrial reform project mentioned in the announcement was first developed. Baofeng Textile (Zhongshan) has an area of about 119 acres (China) Land unit of measure Generally, each mu is 666.7 square meters) of industrial land.

According to the agreement, Fengbao Textile (Zhongshan) will use land and capital to account for 51% of the property rights of this project, and Guangdong Nansu will use capital to finance 49% of the property rights in this project. The total investment for this project is estimated to be about RMB 595 million, and the construction area of this project is about 230,000 square meters.

The plant construction on Fengbao's land is expected to be completed around 2028. The group company plans to relocate the plastic pipe and pipe fittings production and sales business operated by Guangdong Nanso's temporary rental plant in Qingxi Town, Dongguan City, China, to the completed plant and continue to operate such businesses to save on rent expenses.