Jiangsu Taifu Welding Materials Technology – based in the Taixing Huangqiao Economic Development Zone in Taixing city, Jiangsu province – recently received a real estate ownership certificate.
This paved the way for the utilization of 7,300 square meters of abandoned factory buildings and 43.7 mu (2.91 hectares) of idle land previously operated by of former tenant Jiangsu Haitai Heavy Industry Technology.
The latter faced bankruptcy due to poor management and in 2018 the company's land usage rights were revoked, and its plant became disused.
In 2020, Jiangsu Taifu Welding Materials Technology decided to invest 539 million yuan ($74.10 million) in the zone to produce various specifications and models of welding wires and electrodes, which required a factory building of no less than 30,000 sq m.
To foster the early production of the company's welding materials project, the zone's management committee leased it the land formerly operated by Jiangsu Haitai Heavy Industry Technology.
This allowed the welding materials producer to move forwards and operate while designing and constructing its new plant, winning it valuable space for its products to enter the market in advance.
The innovative rent method can reduce the initial operating costs of enterprises, allowing them to have more funds for production research and development, as well as for expanding output, said Wang Chunyan, legal representative of Jiangsu Taifu Welding Materials Technology.
In 2023, the new company generated invoiced sales of 280 million yuan and it became one of the 50 growth enterprises in Taixing for 2024.
Jiangsu Taifu Welding Materials Technology's Wang Chunyan (middle) receives the real estate ownership certificate. [Photo/Taixing Huangqiao Economic Development Zone via WeChat gh_07a864197818]