October 7, 2010
Deyu Agriculture acquires long-term land use rights
Press Release
Deyu Agriculture, a producer and distributor of organic and agricultural products in China, has announced the acquisition of land use rights to approximately 8,731 acres of ecological farmland in Jinzhong City, Shanxi Province.
The farmland will be used exclusively for the cultivation of organically grown grains. The acquisition agreement was successfully secured on September 30, 2010.
"This acquisition is a key component of Deyu Agriculture's strategic growth plan. The organically grown grains produced on this farmland will ensure an adequate supply as we expand our simple processed grain products throughout China, and look to expand our market into deeply processed organic grain products," said Hao Jianming, Chairman and Chief Executive Officer of Deyu Agriculture.
"As we continue to monitor the supply of grains in the market, acquiring these land use rights for the next 42 years, along with our 20 year exclusive farming rights to over 90,605 acres of farmland in the Shanxi Province, will help ensure an adequate supply of organically grown grains for our current and future growth plans," he said.