Properties Development
The Group through its wholly owned subsidiary, Hangzhou Lu Yun Property Limited* (杭州綠雲置業有限公司) carries out the properties development of big data industrial park and sale of construction materials in Hangzhou. It is expected that the park will establish a "Cloud Ecological System" to build a new generation of information technology (such as AR/VR, face recognition, digital maps, etc.) and communication technology, such as Internet of Things, big data, cloud computing, (such as 5G, LTE-V, NB-IOT, etc.) throughout the cloud industry park in all aspects, to create the country's first all-intelligent perception, interoperability cloud ecological park. The Group invested 46% equity interests of Heilongjiang Xin Luzhou Real Estate Development Limited* (黑龍江新綠洲房地產開發有限公司) ("Xin Luzhou"). Xin Luzhou principally engages in the development of industrial park, commercial and residential properties in Limin Avenue, Limin Development Zone, Harbin, the PRC. In 2022, the Group also invested in Wen Zhou Jing Du Guan Rong Technology Co., Ltd ("Jing Du Guan Rong")* (溫州市景都冠榮科技有限公司) and holds 48% equity interests in this associate. Jing Du Guan Rong principally engages in properties development in Wen Zhou, the PRC. In the fourth quarter of 2023, Jing Du Guan Rong terminated the property development project and applied to the relevant government authorities to withdraw the land-use rights. Currently, the Group's carrying amount of the interest in Jing Du Guan Rong is Nil.