Shanghai (ZXZC)- A wholly-owned subsidiary of National New Energy Vehicle Co., Ltd. has acquired a land parcel for residential and commercial use on April 17 in Tianjin, at a consideration of RMB364.9 million, according to an announcement released by Tianjin Land Exchange Center.

The land parcel, located at Tianjin Binhai Hi-Tech Industrial Development Area, covers an area of around 72,400 square meters and occupies a planned floorage of 130,300 square meters, said the announcement. In accordance with the agreement, the “auction winner” should start construction within one year and complete programs within four years after signing the land transaction contract. Besides, the “auction winner” should signed agreements with local authority over an industrial planning that is to implement a new energy vehicle manufacturing program with an investment of no less than RMB2 billion before signing the land transferring contact.

National Electric Vehicle Sweden AB (NEVS), the major shareholder of National New Energy Vehicle Co., Ltd., is 51% owned by Evergrande Health, a subsidiary of China's real estate developer China Evergrande Group.

Local media reported earlier this month that Evergrande National New Energy Vehicle (Guangdong) Co.,Ltd, a wholly-owned subsidiary of Evergrande New Energy Vehicle Co.,Ltd that was established in January this year, got the right to use an industrial land in Nansha District, Guangzhou. The land will be used to research and develop automotive engineering as well as manufacture new energy complete vehicles and auto parts.