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NANJING - Foxconn (Nanjing) Software Co., Ltd., a subsidiary of Hon Hai Precision Industry Co., Ltd., announced Monday it will dispose of land use rights for four plots in Nanjing’s Pukou District for RMB367 million (approximately $51 million).
The transaction involves land use rights covering 398,846.6 square meters (approximately 598.27 acres) located at Kanghua Road in the Jiangpu Sub-district. The buyer is the Nanjing Jiangbei New District Industrial Technology Innovation Park Management Office, according to a statement based on a company press release.
Foxconn’s board of directors approved the disposal on Monday. The company expects to generate revenue of RMB267.52 million from the transaction.
Two independent appraisal firms valued the property at similar amounts. Beijing Gucheng Real Estate and Land Asset Appraisal Co., Ltd. assessed the land use rights at RMB261.77 million, while Beijing Huazhong Zhaoyuan Real Estate and Land Evaluation Co., Ltd. valued them at RMB259.53 million.
The company stated that the purpose of the disposal is "asset activation," suggesting the move is part of a strategy to optimize its real estate holdings and potentially redirect resources to core business operations.
The transaction was negotiated based on market prices, with no brokers involved. No directors expressed dissenting opinions regarding the deal, and the counterparty is not a related party to Foxconn.
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