November 23, 2010

Dahu Aquaculture profits from land use rights transfer

Dahu Aquaculture will earn RMB65 million (US$10 million) from a land use rights transfer to the Changde Municipal Land and Resources Reserve Centre for RMB96.5 million (US$14.5 million), according to reports.

The US$10-million earnings account for over 50% of the company's 2009 net profit. The tract covers 248,110 square metres and is planned for agricultural purposes.

Target land use rights will expire in 31 years. The transfer was caused by Changde Government's urban development planning. Dahu's seedling base on the tract will be relocated over an of 18-month period.