3rd -4th Floors (Commercial House) of ITC Kung Kuan Purchase Agreement
Exhibit
10.1
(Translated
to English)
3rd -4th Floors
(Commercial House) of ITC Kung Kuan Purchase Agreement
Serial
NO.:
Party A
(Seller): Zhengzhou Zhong Xing Real Estate Co.,
Ltd Legal
Representative: Jia Yunzeng
Address: ▇▇.▇▇▇
▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇
▇▇▇▇ TEL: ▇▇▇▇▇▇▇▇
Party B
(Buyer): Zhengzhou Shenyang Technology Co.,
Ltd Legal
Representative: ▇▇▇▇▇ ▇▇
Address: ▇▇.
▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇，▇▇▇▇▇ ▇▇▇▇
District, Zhengzhou
City TEL: ▇▇▇▇▇▇▇▇
To ensure
the lawful interest and rights for the both Parties involved in the transaction
of the commercial residential building, with mutual negotiation, the agreements
related to the purchase of the commercial residential building by Party B from
Party A have been achieved as follows:
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I.
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Information
on the purchased building
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Party A
has acquired the land-use right of NO.ZY1-70-28 land in
the way of transfer in the
location of West Tong
Bai Road and North Luo He Road.
[The file
number of approval of state-owned land-use right]: ZZY (2009) NO.0292
[The file
number of approval of constructional land-use permit]: (2008)
ZCGGGXZ(0242)
[Construction
project planning permit NO.]:
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇
[Construction
work permit NO.]:
NO.410102200911060301
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|
The
commercial residential buildings constructed by Party A are the 3rd
and 4thFloors
of the buildings, ITC Kung Kuan which located in ▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇ with total area of 2,880 square
meters. The property is for commercial use
with steel
structure. If the area signed in the agreement is different with
the property registration area, it should subject to the property
registration area.
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II.
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Price
and Payment
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1. Party
A sold the property to Party B with the unit price of 18,000RMB Yuan/square
meter; thus the total amount of the purchase price is 51,840,000 RMB Yuan (fifty
one million and eight hundred forty thousand RMB Yuan). The price can not
be changed during the execution process. The final amount is subject the actual
area with refunding for overpayment or demanding for shortage (not including
additional fees paid according to legal policy).
2.
Payment
Party B
undertakes to pay the total RMB amount within seven days since the
signing date of this Agreement.
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III.
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Rights
and Obligations of Both Parties
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Rights
and Obligations of Party A includes:
|
1.
|
Party
A should ensure that the development of real estate should have fully
qualified. And the land-use permits will not affect the pre-sale and the
acquisition of the property ownership
certificate.
|
|
2.
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Party
A should ensure the work progress and on time delivery of the commercial
residential house. Party agrees to fulfill the delivery of the purchasing
property in the agreement before May 18th,
2011.
|
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3.
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Party
A should assist Party B to handle the relevant
procedures.
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Rights
and Obligations of Party B includes:
|
|
Party
B should follow the agreement firmly to pay the total amount for
purchasing the property.
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IV.
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Breach
Clause
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The
breach of the clause by Party A includes:
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1.
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In
case Party A could not deliver the property to Party B on time within
30 days,
Party A should pay 0.05% of the
total amount Party B has paid to Party B as the
penalty.
|
|
2.
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In
case A could not deliver the property to Party B on time over 60 days, Party
B has the right to cancel the contract and Party A should refund all paid
amount to Party B within 15 days since
the date receiving contract termination notice. Party A should pay 5% of the total
paid amount to Party A as the penalty. If Party requested to continue the
contract, Party A should pay 0.05% of the
total paid amount daily to Party A as the penalty, from the day after
final delivery date signed in contract to the actual delivery
day.
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The
breach of the clause by Party B includes:
|
1.
|
In
case Party B could not pay the due contract amount within 30 days, Party
B should pay 0.05% of the
contract amount to Party A as the
penalty.
|
|
2.
|
In
case Party B could not pay the due contract amount over 60 days, Party
A has the right to cancel the contract and Party B should pay 5% of the
contract amount to Party A as the penalty. If Party A permit to continue
the contract, Party A has the right of adjusting unit price during the
continuing period. Party B should pay 0.05% of the
total unpaid amount daily to Party A as the penalty, from the day after
final delivery date signed in contract to the actual delivery
day.
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V.
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Resolution
of Disputes
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If any
dispute arising out of or in connection with this agreement, both parties shall
resolve with negotiation. And they should institute a law suit to property local
court once negotiation fails.
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VI.
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Others
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This
agreement is in duplicate. Each party holds one copy with the same legal effect.
The agreement will enter into force since the date of signature.
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VII.
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Party
A has the qualified relevant certificates and blueprint as the annex of
the agreement which is the integral part of the
agreement.
|
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Party A.
(seal)
Legal
representative:
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Party B.
(seal)
Legal
representative:
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| [ILLEGIBLE SIGNATURE] | [ILLEGIBLE SIGNATURE] |
29
DECEMBER 2010