Commercial Trading Clause Samples
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Commercial Trading. The Group’s commercial trading business mainly consists of two business lines: coal trading and the sale of resettlement housing. The Group operates its commercial trading business through its wholly-owned subsidiaries, Chongqing Shengrong Holdings Co., Ltd. (重慶盛榮控股有限公司) (“Shengrong”) and Chongqing Wansheng Industrial Park Development & Construction Co., Ltd. (重慶市工業園區開發建設有限公司) (“Industrial Park Construction”). The Group is one of the major coal suppliers in the Development Zone as measured by the sale volume of approximately 3.2 million tonnes in the year ended 31 December 2020. The Group also engages in the sale of ancillary facilities of resettlement housing projects. Through Chongqing Shengji Land Assets Operation Co., Ltd. (重慶盛基土地資產運營有限責任公司) (“Shengji”), the Group both builds housing for resettlement and also acquires such housing from other developers. Approximately 20.0 per cent. of these housing units are sold to former owners of land expropriated for project construction in the Development Zone. For the years ended 31 December 2018, 2019 and 2020, approximately RMB1,807.8 million, RMB1,796.0 million and RMB1,965.8 million, respectively, of the Group’s revenue was generated by its commercial trading business, representing approximately 58.7 per cent.,