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Chinese Firm to Develop Agriculture in Russia
A Chinese company will develop agriculture in Russia. The Wenzhou Hongfeng Foodstuff and Edible Oil Group has acquired rights to manage and develop a 500-hectare land for 10 years in the state of Birobidzhan, which is close to China's northeast Heilongjiang Province.
The Wenzhou Hongfeng Foodstuff and Edible Oil Group is one of the leading agriculture companies in east China's Zhejiang Province. However, development of the company was hindered by lack of large tracts of land in the city of Wenzhou.
The Group plans to plant beans, maize and other agricultural crops and will initially invest 400,000 yuan (about 48,000 US dollars).
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