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Chinese bottled water producer Nongfu Spring is set to invest 5bn yuan (approx. $703 million) into a new factory in Jiande City, Zhejiang Province. The project will be implemented in two phases and multiple stages, expected to be completed within five years. It will cover production, processing and manufacturing, aiming to create a comprehensive industrial base for the production of drinking water and beverage products. Located in Jiande City’s Chengnan New District, the total land area of the project is approximately 666,667 square metres. The implementation of the facility’s construction will be subject to Nongfu Spring's successful acquisition of the state-owned land, to be obtained in the form permitted by laws and regulations. Nongfu Spring manufactures packaged beverage products in China, with products mainly covering categories such as drinking water, tea, juices and functional beverages. The company’s board of directors entered into an investment agreement on 31 December 2023 with the People’s Government of Jiande City, Zhejiang Province in relation to the project. The local government institution is responsible for planning, promoting and coordinating investment projects in Jiande City. The investment agreement aims to enable Nongfu Spring to continue to leverage the high-quality natural water resources of Thousand Island Lake, further expand production capacity and improve the ability to provide products and services for consumers.