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The state-owned enterprises the red-chip jinjiang for about 112 million yuan to sell Kowloon hotel Shanghai 44% equity

Date: 2007-07-31

The economy through news agency 31 designed - jinjiang hotel (2600), announced today with green business transfer agreement has been signed, the group holds a jiulong hotel stake of 44%, in cash cost about 112 million yuan (about hk $116 million), the transfer to the green business, the sale proceeds will be general working capital.
In after the completion of the transfer agreement, group will hold the equity of the Kowloon hotel from 55%, 11%, and green business hold the equity of the Kowloon hotel will be increased to 89%.
Green business cost will be paid to the group stages, the first period is 33.66 million yuan (the equivalent of about hk $34.761 million), the price of 30%, is given to the Shanghai united assets and equity exchange of property rights transaction voucher in five working days from the date of payment;The second phase of the RMB 23.57 million (the equivalent of about hk $24.341 million), that 21% of the price, must be paid in December 20, 2007;The balance shall be paid on March 20, 2008.
By 2005 and 31 December 2006, two fiscal year after verification of Kowloon hotel in addition to the net profit before tax and not often project 1.331 million yuan respectively, and 1.596 million yuan, and after audit in addition to tax and not often project net profit 888000 yuan respectively, and 1.065 million yuan.(vy)