Guizhou Tyre Co., Ltd. received on Jan. 5-6 two compensations valued at 240,009,831 yuan for house confiscation.
Because of the reconstruction of shanty towns in the industrial and mining area and urban region in Guiyang, Guizhou province, local authority confiscated the buildings and structures, ancillary facilities and lands of the old plant of Guizhou Qianjin Rubber Co., Ltd., a subsidiary of Guizhou Tyre Co., Ltd.
Entrusted by Qianjin Rubber, Guizhou Tyre inked a Monetary Compensation Agreement on House Confiscation with local authority and the compensation was 240,009,831.00 yuan.
Guizhou Qianjin Rubber Co., Ltd. has been written off lately.
Guizhou Tyre will include the compensation in its financial results for 2017.
