August 3: Lander Sports has released an official statement announcing that they will establish a wholly-owned subsidiary company specializing in the effective development, construction and management of sports towns around China. Lander Sports is expected to invest RMB 100m (US$14.9m) to set up this company and own 100% of its shares.
This subsidiary company will take charge of tendering and winning new sports towns projects for Lander Sports and conducting the construction and operation of them, as well as managing Lander Sports' current sports towns projects.
By setting up this company, Lander Sports will secure the overall management of these sports towns projects, which will enhance Lander Sports' competitiveness in winning more new projects. The new subsidiary company and its management will contribute to the increase in operation revenues so as to enhance their profitability.
Proofread by Raymond Fitzpatrick