Two Tesson Holdings Ltd. subsidiaries acquired two land plots in Nanjing's Lishui District in Jiangsu province, China, through separate auctions for a combined 704.9 million yuan.

Specifically, Tesson New Energy Co. Ltd. won the land use rights on a 228,782.45-square-meter site for approximately 54.9 million yuan. The rights for the site will run for a 50-year term and the plot is intended to accommodate production and research facilities.

Tesson New Energy's acquisition of the site was a pre-condition to Nanjing Rongzhou Cultural Industry Investment Co. Ltd.'s purchase of the second land parcel, encompassing 104,600.43 square meters. A residential and commercial complex will be developed on the site. The Hong Kong based container and packaging company said the residential units will be sold to its staff who will work in the soon-to-be developed facilities.

As of Oct. 18, US$1 was equivalent to 6.94 yuan.