Chi-Med Sells Shanghai Land Rights for $105 Million

Hutchison China MediTech, known as Chi-Med, raised $105 million by selling land-use rights held by a JV subsidiary to the Shanghai government. The subsidiary, Shanghai Hutchison Pharmaceuticals Holding, is a 50-50 joint venture formed two years ago with Sinopharm, one of China's major drug distributors. In return for the cash, SHPL surrendered the remaining 36 years of land-use rights on its factory in the Putuo District of Shanghai. Last year, the JV began construction of a new $100 million factory, with three times the capacity, further from Shanghai's city center. More details.... Stock Symbols: (AIM: HCM) (HK: 1099) Share this with colleagues: // //