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In April 2018, Hailir Pesticides and Chemicals Group (Hailir) announced its signing of an agreement to make investment. Reportedly, Hailir signed an Investment Letter of Intent with the Management Committee of Qingdao Xinhe Ecological & Chemical Sci-Tech Industrial Base, to invest USD318.7 million in Pingdu Xinhe Industrial Park to construct production projects involving environmentally friendly pesticide formulations.
According to the overall planning which has been approved, the land will be mainly used for factory construction. Here are key construction indicators:
l Floor area ratio≥0.6
l Building coverage≥35％
l Land for administration building and living facilities≤7％
l Greening rate≤15％
“We are in urgent need of production site and capacity expansion which are reserves for future business development in both domestic and foreign markets, given that the projects to expand business and develop products in domestic and foreign markets are carried out step by step,” stated Hailir, “The construction of Xinhe production base is expected to effectively help reduce the production and transporting costs, improve clients’ loyalty and offer better services. All this will contribute to the company’s profitability and competitiveness.”