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China's You Yuan Industrial plans €5 mln farm in Hungary

China's You Yuan Industrial Co plans to build a €5 million mushroom and vegetable farm in Kalocsa (S Hungary), mayor Ferenc Török said on Tuesday, after signing a declaration of intent with the company during a visit to China.

You Yuan Industrial, of Shenzhen, wants to expand the farm later, Török said. The farm is expected to generate revenue of €2 million in the first year, but this is expected to rise to €8 million by the third year, he added.

The farm would start operating with 150 workers, but headcount will rise to 250 in the second phase of the investment and to 300 in the final phase.

You Yuan Industrial is expected to buy the area on which it will build the farm this year, Török said.