Taiyuan corundum 225 million transfer real estate subsidiary

Taiyuan Gangyu signed an equity transfer agreement on June 28, and transferred 100% equity of Taiyuan Gangyu Real Estate Development Co., Ltd. to Shanxi Zhongzheng Real Estate Development Co., Ltd. and natural person Xing Jianmin. The transfer consideration was 225 million yuan. As of December 31, 2009, the total assets audited by Gangyu Real Estate was 201 million yuan, the total liabilities were 152,000 yuan, and the net assets were 200 million yuan. Since the real estate projects have not been officially developed, the sales revenue has not yet been realized.
According to the reference value of the net asset value of corundum real estate of 200 million yuan, the two parties agreed that the total equity transfer consideration is 225 million yuan. The board of directors of Taiyuan Gangyu believes that the transfer of the equity of Gangyu Real Estate will reduce the scope of consolidated accounting statements, which will help to revitalize existing assets and accelerate the pace of industrial adjustment. The board of directors of Taiyuan Gangyu also reviewed and approved the relevant proposal of transferring the equity of Zhejiang Yingluohua Magnetic Industry Co., Ltd. and transferring the equity of Taiyuan Gangyu International Trading Co., Ltd.

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