At the 28th Meeting of the Board of Directors, held between 18 and 15 Nov 2008, a proposal was examined and approved to acquire the use rights to the No. 1-1/01 land from Chongqing Municipal Land and Mining Rights Exchange Center for RMB 48.29 mln.

The land is located in Konggui A district, Industry Cluster, Jiangdongliu Town, Beibei District, Chongqing. The land use rights will be transferred at RMB 222 per sq.meter for RMB 48.29 mln, including RMB 6,087,482.5 of transfer price, RMB 38,889,814.5 of land cost, RMB 54,307 of mandated planning fee, RMB 3,258,396 of general land expropriation fee. All Payment shall be made before signing of the Agreement on Transfer of Use Rights to State-owned Construction Land.

The land purchasing is one of significant steps for relocation as well as innovation, will reserve necessary resource for sustainable development, and will benefit the company in terms of healthy development.

Board of Directors
25 Nov 2008


Source: Shenzhen Stock Exchange

Date: 25 Nov 2008

CN01/FL/VW/JW