January 31, 2005

Hanfeng Evergreen confirms plan to build fertilizer plant in China

TORONTO

Hanfeng Evergreen Inc. has signed an agreement with the municipal government of Jiangyan, China, to build a fertilizer plant near the city.

Hanfeng said it paid $2.2 million for land-use rights for 50 years on a 10-hectare site with enough space to eventually accommodate two fertilizer plants.

Under the agreement, Hanfeng will receive preferred tax status for investing in the Jiangyan development zone, including a five-year income tax holiday. The agreement also promises that nearby Jiangyan Fertilizer Co. will provide a continuous supply of raw material.

Hanfeng guaranteed it will invest a minimum of $15 million (U.S.) to build the plant.

Hanfeng is a Toronto company that does landscaping and supplies fertilizer and tree seeds to China.

The Canadian Press

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