200 million set up new company with first share

In order to speed up the company won the bid for the Beijing Fangshan District, Changyang Town, area 2nd and the north side of the residential mixed construction project, the operation process, as soon as possible gain, the first open shares (600376) to set up Beijing first Kai Rong Tai Real Estate Co., Ltd. (provisional name) as the implementation of the project, the registered capital of 200 million yuan,　　One of the first shares of 200 million yuan, accounting for the newly established company 100% shares. In addition, in order to meet the first open shares project construction funds demand, the first open shares will be to the Nanjing Bank Beijing Branch and Beijing Bank hongxing branch for 100 million yuan and 500 million yuan real estate development loans, the period is 36 months. Of these 100 million yuan by the first open shares of their own credit to provide security, 500 million yuan loans by Citic Guoan Group to provide security.