CNBM Group inks pact on land transfer

Byswb

Updated Mon, 04 Jan 2010 00:00:00 GMT

China National Building Material Group said it will procure the transfer of the governmental land use rights of a land parcel in Beijing to the Residential Construction Service Centre of Central Government.

The land parcel covers an aggregate area of 677,500.01 square metres, in which the company is entitled to the governmental land use rights of an area of 383,906.88 square metres.

Pursuant to the agreement, the aggregate amount of compensation payable by the Residential Construction Service Centre of Central Government to CNBM's parent for the transfer of the governmental land use rights of the Target Land Parcel is RMB3 billion. Specific details on the distribution of compensation will be determined, either together or separately between each other by CNBM and its parent will be entered into in the future.