EC World REIT Receives Notice Of Compulsory Expropriation Of Hangzhou Port Property (The Business Times)
January 10, 2021 – EC World Reit EC World Reit: BWCU -3.29% has received a notice of compulsory expropriation of Fu Zhuo Industrial, a port property located in Hangzhou, China, its manager said on Monday.
The People’s Government of Linping District, Hangzhou City had issued the real estate investment trust (Reit) with the notice on Jan 6 for the development of the Grand Canal National Cultural Park in Hangzhou.
Fu Zhuo Industrial is located on the east bank of the Beijing-Hangzhou Grand Canal, in the west of Chongxian New City in Hangzhou.
The manager said the Reit is entitled to receive compensation based on the expropriation valuation of Fu Zhuo Industrial in accordance with the notice. This includes the property’s land use rights, buildings and equipment.
Fu Zhuo Industrial – a port property comprising berths and office buildings – has a total land area of 24,403 square metres (sq m) and a total net lettable area of 7,128 sq m, with a remaining lease tenure of 34 years.
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