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RAPAPORT... Kingold Jewelry Inc. stated that it wrapped up the first phase of construction for the Kingold Jewelry International Industry Park in Wuhan, China, following completion of outer framing. The second construction phase will be focused on the exterior and interior decoration and design, according to a company notice.
Kingold Jewelry, which manufactures and designs 24-karat gold jewelry, ornaments and investment-oriented gold products, expects to complete the jewelry complex this year and host a grand opening in December 2015.
Zhihong Jia, the chairman and CEO of Kingold, said, "We are very pleased to have completed this important phase of construction at Kingold's Jewelry Park, and have been actively working on attracting tenants. We believe that with the completion of the framework we can now accelerate this project and we are very confident that the company will open on schedule. We will continue to keep our stockholders apprised of our progress." Kingold acquired the operating rights to 66,667-square-meters of land in October 2013 for about $164 million to build the jewelry park. Once completed, the facility will serve as the company's operating center and showroom. Kingold also plans to lease space to other jewelry manufacturers in China, and it may sell developed commercial and residential properties to individual and corporate buyers.
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