Harbin Electric (01133.HK) announced a related trade, in which its wholly-owned subsidiary, Boiler Company, purchased the Harbin Boiler Industrial Property and Land Use Rights at 446 San Dai Dong Li Road, Xiangfang District, Harbin from its controlling shareholder, Harbin Electric Group's wholly-owned subsidiary, Harbin Boiler Group, for a transfer price of RMB 51.975 million (approximately HKD 57.1154 million).
The Harbin Boiler Industrial Property has a building area of 4,726.3 square meters and the land use rights have an area of 4,606 square meters. After approval, there is a remaining land area of 1,616.4 square meters.
Boiler Company plans to renovate the Harbin Boiler Industrial Property into dormitories for newly hired college students, in order to solve the problems of increasing college student recruitment scale, insufficient number of dormitories, inadequate accommodation conditions, and low employee satisfaction faced by the Boiler Company currently and in the future, which will be beneficial to the Boiler Company in attracting and retaining talent and promoting healthy development of the company.
