Grong Hui, November 25th - New Focus Auto (00360.HK) announced that on November 22, 2024, New Focus Auto and Shanghai Qingpu Industrial Park Development (Group) Co., Ltd. ("Qingpu Industrial Park Group", a company owned by relevant government institutions) entered into a state-owned land non-residential housing expropriation compensation agreement. New Focus Auto will receive compensation of approximately RMB 0.37 billion ("compensation") and employee severance pay according to its relocation progress (the compensation will be confirmed in accordance with government policies).
According to the expropriation compensation agreement, New Focus Auto will receive full compensation within 30 working days after completing the relevant procedures such as changes or cancellations of water, electricity, coal, gas, telecommunications, and vacating the target property for the handover procedures, as well as providing the original ownership certificate of the target property ("handover").
According to the expropriation compensation agreement, unless delayed in exceptional cases, the handover must be completed by the end of December 2026.