On this day, 33 years ago, on November 28, 1992 (November 5, 1992, the State Council approved the Yangpu Land Use Right Transfer Contract. On November 28, 1992, the state-owned land use right transfer contract of Yangpu Economic Development Zone was recently approved by the State Council. In the reply, the State Council approved the Contract for Transfer of State-owned Land Use Right of Yangpu Economic Development Zone in Hainan Province signed by Hainan Province and Xionggu Group (Hong Kong) Co., Ltd. to transfer the land located in Yangpu Peninsula in the northwest of Hainan Island with an area of 27.353 square kilometers and establish Yangpu Economic Development Zone. The transfer period is 70 years. The State Council requires development companies to promptly prepare master plans for development and construction, and organize their implementation after approval. Yangpu Economic Development Zone will be dominated by technologically advanced industries, while developing the tertiary industry accordingly. At present, Hainan Yangpu Land Development Company has been approved and registered by the Hainan Province Department of Economic Cooperation and was officially established. Mr. Yu Yuanping of Kumagu Group (Hong Kong) Co., Ltd. serves as the chairman of this Sino-foreign joint venture.