Property Sale and Purchase Contract
The
Seller (hereinafter referred as “Party A”): Hainan Zhonghe Pharmaceutical
Co., Ltd.
Legal
Representative: Cui Xueyun
Address:
Xx.000 Xxxxxx Xxxxxx, Xxxxxx, Free Trade Zone
The Buyer
(hereinafter referred as “Party B”): Hainan Twenty First Media Co.,
Ltd.
Legal
Representative: Weiqiong
Address:
Fortune Plaza, Binhai Street, Haikou
Article 1
Basic Situation of Property
The
property owned by Party A is located at Haiyun Road, Dadonghai
Block, Hedong District, Sanya ; frame of
building is Composite
Structure
; the building area of the property is 927.70 square meters,
ownership certificate No. is Santufang (2007) No.
3012 .
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Article 2
Nature of Land Use Right
The
property related land use right was acquired by pay compensation for leasing;
the useful life is till December 19, 2065.
Article 3
Price
Calculated
by building area, the sale price for that property is RMB23000 per squatter
meter, the total value is RMB21,337100.00
Article 4
Payment
Party B
shall pay Party A advance payment RMB500,000.00 on the date when the contract
comes into effect, and pay another RMB38,000,000.00 before December 31, 2008.
The rest amount shall be completely paid with 90 days after consummating
transfer of the property ownership.
Article 5
Delivery Time
Party A
shall delivery certificate of ownership to Party B before October 31, 2008 and
shall finish going through the land alteration registration procedures before
December 31, 2008.
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Article 6
Liability for Party B’s overdue payment
If Party
B fails to pay in time specified in Article 4, Party A has right to lay Party B
a penalty interest. Penalty interest will be charged at 3‰ monthly of
purchasing value of property from the second day after stipulated date to
actual payment day.
Article 7
Liability for Party A’s overdue delivery
Except
for special cause like force majeure, if Party A fails to delivery the property
to Party B stipulated in Article 5, Party B has right to charge Party A a
penalty interest on already paid principal. Penalty interest will be calculated
at 3‰ monthly of
purchasing value of property from the second day after stipulated date to actual
delivery day. In case of Party B’s actual economic loss exceeding penalty, Party
A shall compensate the difference between actual loss and penalty, which does
not disturb the performance of contract.
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Article 8
Terms on property right registration
Party A
shall actively assist Party B go through the land alteration registration
procedures. If Party B is not able to obtain ownership certification of property
within 90 days after hand-over between two parties due to Party A’s fault, Party
B has the right to request from Party A a penalty equal to 5% of already paid
amount.
Article 9
Party A promises upon transaction there is no disputes related to property, all
matters regarding mortgage, collateral, taxes and rental be settled before
transaction. If there are outstanding issues mentioned above, Party A shall
undertake all responsibilities caused thereby.
Article
10 Land Appreciation Tax is paid by Party A and Title Deed Tax be paid by Party
B; other taxable items incurred hereby shall, except as otherwise agreed,
be paid according to pertinent regulations by either party
respectively.
Article
11 Matters unmentioned herein, if any, may be regulated separately through
negotiation by both parties and supplemented agreement may be signed hereto.
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Article
12 The two parties shall consult with each other and mediate any disputes, which
may arise about the contract. If all attempts fail, the two parties can appeal
to the organization of arbitration in Haikou and ask for a final
arbitration.
Article
13 This contract will come into effect on the date signed by both
parties.
Article
13 This contract is in four copies with equal effect, two copies for relevant
institutions and two copies for either party.
Party A:
Hainan Zhonghe Pharmaceutical Co., Ltd.
Party B:
Hainan Twenty First Media Co., Ltd.
Singed in
Haikou City on October 9, 2008
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