The company has announced that on 8 July 2008 it has signed an equity transfer agreement with an individual named Liu Lihui to sell 55% equity of Xinjiang Huitong Real Estate Co. Ltd, a subsidiary of the company, for RMB 11 mln.

According to the announcement, the sale will further adjust the company's internal management system and streamline its sections. The company has made no profit from this assets sale. The trade price was made based on net assets value audited as of 31 May 2008. According to the audited data, the net profit (loss) of Xinjiang Huitong Real Estate in 2007 was RMB (179,488.92).


Source: China Securities Journal

Date: 10 Jul 2008

CN01/RL/MZ/AR/WH