Virscend Education (01565) said its consolidated affiliated entity, Chengdu Institute Sichuan International Studies University, agreed to purchase the commercial land located at the East side of S106 Road, Lijiang Village, Daguan Town, Dujiangyan City, Chengdu, Sichuan Province and 49 buildings situated on the land at Rmb328 million from Sichuan Hongming Property.
The land has a site area of about 84,173 square metres and the buildings have a otal gross floor area of about 48,261.39 square metres.
The group plans to transform the properties to a dedicated teacher and staff training and professional development centre.
Sichuan Hongming Property holds 23.83% of the school sponsor's interest in the university.
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