Nam Tai Announces Transfer of Land In Shenzhen, China
Nam Tai Electronics (NYSE: NTE) is pleased to announce that the Shenzhen government has agreed to release to the Company a parcel of land in Shenzhen, Guangming Hi-Tech Industrial Park of approximately 1.2 million square feet. The transfer of land to the Company is underway and it expects the process to be completed by the end of December 2012. The release of the land to the Company is an important development for the continuity of Company's manufacturing facility and coincides with the Shenzhen government's recently announced city rezoning project to redevelop the land that encompasses the Company's existing Shenzhen facility into a high-end commercial district, making it unsuitable for any manufacturing factory thereafter. Subsequent to this relocation, the Company will continue to hold the existing location of its Shenzhen manufacturing facility as a significant valuable asset for the time being.
Shenzhen is a link between the Chinese mainland and Hong Kong and a transport hub in coastal southern China with the third largest airport and one of the largest freight ports in mainland China. The Shenzhen Guangming Hi-Tech Industrial Park has been developed as a research and production base