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Beijing Dalong Weiye Real Estate Development Co Ltd's Subsidiary to Sign Release Agreement

Friday, 24 May 2013 08:00pm EDT 

Beijing Dalong Weiye Real Estate Development Co Ltd announced that its Board of Directors has approved the proposal of its subsidiary, a Beijing-based real estate development company, signing a release agreement for its cooperation agreement and supplement agreement with a Beijing-based properties company (Company A) on a demolition, land development and construction project, which was signed on November 10, 2004 and March 24, 2005. The subsidiary has invested RMB 777,224,736.31 in the project. According to the agreement, the subsidiary will no longer fulfill its responsibility for the cooperation, and Company A will return relative transaction amount of RMB 374,882,709.62 and pay relocation compensation of RMB 683,117,290.38 to the subsidiary. 

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