加拿大28百分百中算法

Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Provincial Party Chief Calls On Xiongan to Become Tech Powerhouse
Shanghai Paves the Road for Autonomous Vehicles
Uber-Like Truck-Rental Startup Mulls IPO After Breaking Even
LATEST
Shanghai Paves the Road for Autonomous Vehicles
Provincial Party Chief Calls On Xiongan to Become Tech Powerhouse
What Tepid Reception? JD.com Notches Turbocharged iPhone 11 Preorders
China’s Internet Safety Week Begins With Alarming Report on Data Privacy
Opinion: No, China Isn’t Waiting Out Trump for a Better Trade Deal
In Depth: Is China’s Animation Industry Ready to Take Off?
Uber-Like Truck-Rental Startup Mulls IPO After Breaking Even
China Evergrande Plans to Build Electric Cars, Batteries in Qingdao
Terry Gou-Backed LCD Panel Plant Seeks Cash Injection
Self-Driving Taxi Industry to Hit Key Inflection Point Next Year, Insider Says
Video App Kuaishou Mulls U.S. IPO, Raises Funds at $25 Billion Valuation
London Stock Exchange Bid in the Works For Long Time: HKEx Chairwoman
Chinese Investors React Coolly to Signs of Easing Trade Tensions
Kweichow Moutai Toasts Long-Term Partnership With Chinese Genomics Giant
After Opening Gates to Outside Food, Disney Clarifies What Is and Isn’t Allowed
Chinese Scientists Edit DNA in Attempt to Cure Man’s Cancer, HIV
China's Electric-Car Sales Drop for Second Straight Month
Fosun Biotech Unit Henlius Aims to Raise $477 Million in Hong Kong IPO
Huawei Drops Case Against U.S. Over Detained Telecom Gear
Chinese Netizens Cheer as Apple Compares Itself With Huawei for the First Time
ZTE Seeks to Cash Out of Shenzhen Property Project

By Qu Hui and Denise Jia / Jul 13, 2019 06:30 AM / Business & Tech

Photo: VCG

Photo: VCG

Chinese telecom-equipment maker ZTE Corp. is seeking to cash out of its property assets to address a liquidity crisis after a $1.4 billion fine imposed last year by the U.S.

ZTE said Thursday night that it signed a supplemental agreement with property developer China Vanke Co. Ltd. in relation to the Shenzhen Bay Super Headquarters Base project. ZTE acquired the land use rights for 3.54 billion yuan ($510 million) in 2017.

The supplemental agreement expanded a previous deal reached last year under which Vanke will develop the land into a commercial complex of buildings for the office premises of ZTE and cultural facilities.

According to the terms of the land acquisition, most of the land is not transferable. Through the supplemental agreement, ZTE granted Vanke more operational rights and Vanke agreed to bear all the costs for the development and construction.

As of Thursday, Vanke had paid ZTE a total of 3.54 billion yuan, meaning ZTE has recovered the cost of the land acquisition. Vanke is also scheduled to pay an additional 1.8 billion yuan to ZTE by 2023.

The supplemental agreement will also enable ZTE to gain earnings from the project two years earlier than under the original agreement.

Cash-strapped ZTE had tried to sell two land parcels at an industrial park in Shenzhen to state-owned equity investor Shenzhen Investment Holdings Co. Ltd. in June 2018. But the deal fell apart.

Share this article
Open WeChat and scan the QR code
加拿大28 加拿大28 加拿大28 加拿大28 加拿大28 加拿大28 加拿大28 加拿大28 加拿大28 加拿大28