A tender submitted by Haining Higher Point, a wholly-owned subsidiary of Kasen International Holdings Limited, for the acquisition of land in the Yu Hua District, Changsha, China, worth an aggregate consideration of RMB253.75 million (approximately HK$256.31 million) has been accepted. The group, Haining Leather Market, and Haining Zhengyang Trading will now form a joint venture to develop the land as a leather product retail mall.