On April 1, Jikun Real Estate Co. signed a cooperation agreement with Lengshuijiang economic development zone for the construction of a stainless steel industrial park in Lengshuijiang in Hunan Province, China, as reported by local media sources.
Accordingly, the stainless steel industrial park will be built with a total investment of RMB 1.2 billion ($0.19 billion), including fixed asset investments of RMB 800 million ($129 million), with the park covering a planned area of 822-1,322 mu. In particular, the first phase will cover 122 mu, and will be mainly focused on semi-finished stainless steel and stainless steel clad plates. The second phase will cover 200 mu, bringing in downstream industries, including manufacture of stainless steel pipes, doors and hardware tools. The third phase will cover an area of 500-1,000 mu and will include a stainless steel trading and logistics center.
After completion of all three phases of the project, the total annual industrial output value of the stainless steel industrial park is expected to amount to RMB 10 billion ($1.6 billion). Construction work on the first phase is due to be completed in the second half of the current year.