Imperial Motors is considering producing its popular Rooster model in China. This will involve an initial investment of CNY $4\mathrm{.}4$ billion. The plant will start production after one year. It is expected to last for five years and have a salvage value at the end of this period of CNY $504$ million in real terms. The plant will produce $125,000$ cars a year. The firm anticipates that in the first year, it will be able to sell each car for CNY $69,000,$ and thereafter the price is expected to increase by $4\%$ a year. Raw materials for each car are forecasted to cost CNY $22,000$ in the first year, and these costs are predicted to increase by $3\%$ annually. Total labor costs for the plant are expected to be CNY $1\mathrm{.}5$ billion in the first year and thereafter will increase by $7\%$ a year. The land on which the plant is built can be rented for five years at a fixed cost of CNY $304$ million a year payable at the beginning of each year. Imperial's discount rate for this type of project is $14\%($nominal$).$ The expected rate of inflation is $5\%.$ The plant can be depreciated straight$-$line over the five$-$year period, and profits will be taxed at $25\%.$ Assume all cash flows occur at the end of each year except where otherwise stated. What is the NPV of the project plant?

Note: Do not round your intermediate calculations. Enter your answer in millions rounded to the nearest whole number.

NP