Background on the Jewelry Park
In October 2013, Kingold entered into an agreement to acquire the operating rights for 66,667 square meters (approximately 717,598 square feet, or 16.5 acres) of land in Wuhan for an aggregate purchase price of RMB1 billion (approximately US$164 million at the then effective spot rate). The Company intends to utilize the completed Jewelry Park as its new operation center and show room. Kingold also plans to rent space within the Jewelry Park to other jewelry manufacturers in China, in addition to selling developed commercial and residential properties to individual and corporate buyers.
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