Triangle Tire Receives RMB207 mln Land Compensation
Triangle Tire announced on Dec. 22 that it has received the first-phase land compensation of 207 million yuan.
Triangle Tire and Weihai Municipal Bureau of Land and Resources inked on July 23, 2015, the Agreement on Regaining the Rights of State-owned Land for Construction, under which the latter was to withdraw the land of company's old factory, and make corresponding compensation.
On Aug. 31, 2016, the land of Triangle Tire's old factory and other units' lands, covering a total area of 393,519 square meters, were listed by Weihai Municipal Bureau of Land and Resources for bidding.
Those lands were transferred on Sept. 30 and the buyer signed the Sales Confirmation in Oct.
On Dec. 21, Triangle Tire received the first phase land compensation of 207,386,200 yuan.
The company said with respect to the rules of accounting criteria for enterprises, the amount of money will be included in the payable items and it has no significant affect on the company's financial results for 2016.
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