Bayer, CITIC Trust Sign MOU to Collaboratively Establish Land Circulation Platform

Date:12-17-2013

Bayer CropScience (China) Ltd. (“Bayer CropScience”) officially signed an MOU with CITIC Trust Ltd. (“CITIC Trust”) on Innovation & Development of Modern Agricultural Technology within the background of land Transfer.

Based on the platform of land circulation projects, both parties will contribute their resources around agricultural production, management and administration, science and technology. The strategic collaboration between the two parties aims to introduce technology and innovation to Chinese agriculture, supporting sustainable modern agriculture development in China.

Mr. Rob Hulme, Country Head of Bayer CropScience Greater China, said at the opening ceremony that “CITIC Trust is among the top of financial service platforms in China with particular strength in finance and industry integration. As an innovation company with a 150-year history, Bayer CropScience will support the CITIC Trust land circulation practice by combining its global resources with a strong local presence in China as one of the leading Crop Protection companies. Bayer CropScience is fully aligned with the Government objectives of bringing world leading technology and best practice to Chinese agriculture in order to support sustainable modern agricultural development.”

Mr. Bao Xueqin, VP of CITIC Trust stated that “Bayer CropScience is one of the leading companies in the world of innovative crop sciences, delivering robust technology and resources in the fields of crop protection, non-agricultural pest control, seed and modern agricultural management. The slogan of Bayer “Science for a Better Life” perfectly matches with the spirits of the land transition trust program of CITIC Trust. Both parties will promote increasing of both farmers’ income and efficient crop production with the aim of sustainable development of modern agriculture in China. “

On October 10th this year, CITIC Trust established the first trust plan on land transition in China - CITIC Rural Land Contracting Management Right Collective Trust Plan No. 1301 - by collaborating with Yong Qiao Districtal Government in Su County, Anhui Province. The purpose is to improve utilization efficacy of rural lands, secure stability and sustainability for farmer’s interests, and promote development of agriculture and rural areas by leveraging the advantages of trust institution. Bayer CropScience will firstly collaborate with CITIC Trust on the land transition trust project named Su County Diyuan Recycling Agricultural Industry Park. The collaboration will extend to other land circulation projects around China.

According to “A Decision on Major Issues Concerning Comprehensive and Far-Reaching Reforms” approved by Third Plenary Session of the 18th CPC Central Committee, a new agriculture operation mode should be established and industry capital is encouraged to go to rural area to develop modern agriculture business. The collaboration is both companies’ practical action to implement the requirement of the Third Plenary Session.

Bayer CropScience will also support the project by conducting a number of demonstration and training activities to promote modern agricultural production technologies in the area.