Zhejiang Jinlong Holding Group is planning to relocate its headquarters to Meicun sub-district in Wuxi National Hi-tech District, Wuxi Daily reported on Sept 22.
Jinlong Holding Group is a huge listed company with operations spanning electronics, electrical manufacturing, real estate and financial investment. Its subsidiary Jinlong Machinery & Electronics Co is also listed on Shenzhen Stock Exchange's Growth Enterprises Market board and has a current market value of around 20 billion yuan ($3 billion).
In light of the fast growth in its global business, Jinlong has decided to relocate its headquarters from Wenzhou in East China's Zhejiang province to Wuxi, a city located in the heart of the Yangtze River Delta economic hub, in Jiangsu province.
According to the investment framework agreement reached between Jinlong and Meicun, Jinlong will invest 1 billion yuan to build a 44,000-square-meter hi-tech products manufacturing base.
Construction on the project is scheduled to start at the end of this year, and the base should begin operations by June 2017. The facility is expected to generate 3 billion yuan in annual revenue.
Jinlong has also agreed to contribute actively to development and restoration projects in Meicun.