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China Great Land Holdings Ltd Announces Joint Venture With Sanya Wan Jia Co., Ltd


Thursday, 28 Mar 2013 08:26am EDT 

China Great Land Holdings Ltd announced that Sanya Pearl River Pile Co., Ltd (Sanya Pearl River) has, on March 28, 2013, entered into a binding memorandum of understanding (the MOU) in relation to a proposed joint venture with Sanya Wan Jia Co., Ltd. (Sanya Wan Jia)(the Joint Venture). The MOU sets out in broad terms the salient terms and conditions in respect of the Joint Venture which will form the basis of the definitive agreement relating to the Joint Venture (the Definitive Agreement). Further details will be announced in the event that the Definitive Agreement is entered into by the Company. Pursuant to the terms of the MOU, Sanya Wan Jia and Sanya Pearl River have agreed to cooperate in the establishment, management and development of a joint venture company in the People’s Republic of China for the purposes of undertaking a residential property development on the land currently occupied by Sanya Pearl River’s piling plant (the Joint Venture Company). Sanya Pearl River shall hold a 40.0% shareholding interest in the Joint Venture Company, with the remaining 60.0% shareholding interest to be held by Sanya Wan Jia. Sanya Pearl River shall be responsible for shutting down and removing the existing piling plant and contributing the land currently occupied by the piling plant. Sanya Wan Jia shall be responsible for all the funds necessary for the development and construction of the project and all property development work and costs. 

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