Land Purchase Agreement
Exhibit
10.3
Party A:
The People's Government of Fangcheng County
Party B:
Nanyang Universal Solar Technology Co., Ltd.,
In
order to attract talented people and promising enterprises, the People's
Government of Fangcheng County decided to enhance the development of polysilicon
industry by helping Nanyang Universal Solar Technology Co., Ltd. to launch its
solar panel project. Both parties have made agreement that Nanyang Universal
Solar Technology Co., Ltd. would purchase 71280 ㎡ of land locating
at Houlin Village, Erlangmiao Town.
The two
parties reached an agreement after friendly negotiation as follows:
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1.
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Acreage
and geography location.
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North
End: South Shuitang farmland; South End: North Liuhezhuang, East End: West
Houlinzhuang to West Liuhezhuang road farmland, West End: Liuhezhuang road
farmland. The land is rectangle and the acreage is 71280 ㎡ with lengths of
264 meters from east to west and 270 from north to south.
2.
Payment.
The price
of the land purchased is RMB 27,000 Yuan per Mu (1 Mu is equivalent to 666.6667
m2).
The total price is RMB 2,886,300 Yuan. Plus tax on till-land occupation is RMB
1,567,945 Yuan, the final payment is RMB 4,454,245 Yuan. When the agreement is
signed and effective, the full payment should be paid to Party A at once to the
account as below.
Beneficiary’s
Bank name: China Construction Bank, Fangcheng Branch.
Account
number: 4100 1518 3100 5000 2533
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3.
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Party
B is authorized a priority for local labor employment and resource use
compared with peers with same offer.
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4.
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Responsibilities.
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Party
B owns the land for 40 years once the full payment and relevant expenses
are paid.
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Party
B is responsible to coordinate if Party A’s operation is influenced by any
internal conflicts of Party B or any local issues.
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When
this agreement comes into effectiveness，both parties
should follow the terms. For further problems, both parties should
negotiate.
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There are
three copies of this agreement.
Party A:
The People's Government of Fangcheng County (Stamp)
Party B:
Nanyang Universal Solar Technology Co., Ltd. (Stamp)
December
1, 2008
