Chengdu Spring Hee Shop Pacific Department store to submit arbitration

And 1st is about to usher in the 2011 New Year's Day, which also means that the Pacific Department stores Chengdu Chun-hee shop and owners of the business group (600828. SH) The second phase of the ten-year cooperation will end. Since the relevant conditions have not been agreed, so the Pacific department store can continue to operate Chun Hee shop become a problem.　　To retain the right to operate, Pacific China Holdings Limited (hereinafter referred to as "Pacific Holdings") formally submitted an arbitration application to the China international Economic and Trade Arbitration Commission for operation until December 31, 2014.　　At present, the China international Economic and Trade Arbitration Commission has formally accepted the case, but has not yet heard the trial. According to the relevant agreement, the Pacific department stores and the group's cooperation in three stages, currently the second phase, as of December 31, 2010, the third phase from January 1, 2011 to December 31, 2014.　　In the year before the expiry of each stage, the two sides will discuss the distribution of benefits and other cooperation issues on the basis of the principle of turnover ratio, joint venture, and guarantee to the Chinese side, and then terminate the next phase of cooperation if the two sides fail to reach agreement through reasonable consultation.　　The company's securities department told the first financial daily yesterday that, so far, the two sides have not yet agreed on the terms of the next phase of the cooperation, so under the above agreement, the cooperation between the two sides will be terminated until December 31, 2010.　　If the termination of the next phase of cooperation, means that the Pacific department stores will be evacuated from the Spring Hee shopping district, by the Yu Chunxi business district is the most prosperous commercial area of Chengdu, and the store operation is also very good, the Pacific department stores insist unwilling to evacuate, so the application for arbitration to retain the right to operate The group announced yesterday that it had received notice of the arbitration application from the China international Economic and Trade Arbitration Commission, and that the Pacific holding required both parties to continue to perform the contract until December 31, 2014, and that the interests of the two parties should be distributed in the next stage: the cooperative enterprise will pay a fixed income of 26 million yuan per year　　And the applicant shall be eligible for annual after-tax net profit of the cooperative enterprise each year (note: The calculation of net profit must be deducted from 50% of the fixed income of the cooperative enterprise paid to the applicant for 26 million yuan). Pacific department stores said that all look at the outcome of the arbitration, but for now, the Pacific Department of Spring City store will not be closed on January 1, 2011 to withdraw.