On December 23, Glonghui reported that ITC PROPERTIES (00199.HK) announced that on December 23, 2024, its indirectly wholly-owned subsidiary Sanya Innovation Industry Development Co., Ltd. received the "Decision on Public Interest Recovery of State-owned Construction Land Use Rights" from the Sanya Municipal People's Government dated December 20, 2024, regarding the compensated recovery of a piece of land located in Sanya City, Hainan Province, China, within the original Sanya Creative Industry Park (now Sanya Yazhou Bay Technology City) with plot number CY01-06-01.
According to the decision document, the Sanya government has decided to recover the land, and Sanya Innovation is entitled to compensation of 0.478 billion yuan for the return of the land use rights.
The land use rights for this land were purchased by Sanya Innovation through public bidding in December 2013. The total area of the land is approximately 82,423 square meters, which can be developed for hotel purposes. As of the date of this announcement, Sanya Innovation has fully paid the land price and associated fees for acquiring the land use rights according to the relevant land transfer contract, but the land has not yet been transferred to Sanya Innovation.
