Palm Eco-Town Development Co., Ltd (SZSE:002431) announces a share repurchase program. Under the program, the company will repurchase not more than CNY 50 million worth of its shares. The shares will be repurchased at a price not more than CNY 3.48 per share.

The purpose of program is to safeguard the company's value and shareholders' rights. The program will be funded from the company's own funds or self-raised funds. The program will be not more than 3 months.