Phoenix New Media Hong Kong Stock | IGG (00799) announced that on January 18, 2022, Fuzhou balance, an indirect wholly-owned subsidiary of the company, built an office building on the land in Jin'an District, Fuzhou City, China, and entered into a bid winning notice with the contractor, China Construction Bureau No. 1 Construction Co., Ltd., according to which Fuzhou balance awarded the construction contract to the contractor in a contract amount of RMB 422 million (equivalent to approximately HK $515 million).
The land is located on the east side of Fuguang Road, Jinan District, Fuzhou City, China, south of Hutang Road, Hutang Village and its surrounding land, the total site area is about 8910 square meters, designated for commercial and commercial uses, the term of the land use right is 40 years, and the land use right is obtained by Fuzhou balance under the land use right transfer contract.