Chow Tai Fook Jewellery Group Limited (CTF) just held an inauguration ceremony for its development project Chow Tai Fook Jewellery Park in Wuhan, Hubei.The group commenced production upon completion of the first stage of the first phase production facilities.
The Park is a multi-billion-dollar long-term development project. CTF chairman Henry Cheng said: "The Jewellery Park is an important decision made in respect of the group's development strategy. It serves as an integrated production and development base, comprising jewellery production, logistics and distribution, sales exhibition and tourism, training, e-commerce and jewellery business support. Each complements with one another and together they will generate synergies to keep us in pace with the growing jewellery retail market in Greater China and support our sustainable development in the coming decades."
The construction work of the Park is progressing well. The site currently under construction is 220,000 square metres, with a gross floor area of 436,000 square metres, on which eight buildings have been erected with topping-out nearing completion. As production commenced, the Park targets to reach an annual production capacity of one million pieces of jewellery by the end of financial year 2015.
CTF’s managing director Kent Wong said: "The planning and development of the Park have been closely adhered to automated mechanisation, smart technology, low carbon environment, people-oriented approach, as well as simplicity and contemporary design concept, equipping the group with a smartly integrated platform that is highly efficient, innovative, environmental friendly and conducive to sustainable development. ”
An investment of HK$2.6 billion has been allocated for the first phase of the project that has specific plans, of which HK$130.2 million were already spent. Until March 31, 2014, around 77 percent of the expenditure went to land and construction while 23 percent was on production and office equipment.
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