Fear of regulation and punishment China body industry to break up idle 3 years of land

The National property control policy is becoming more and more obvious. Today, China body industry announced that, because of the real estate control policy, the company's holding subsidiary Shanghai Olympic Investment Co., Ltd. will be held in Shanghai Kang Hong Capital Limited 100% stake in the assessed land market value of 700.45 million yuan for the valuation basis,　　The transfer of 736.57 million yuan to Jiangxi province Fuzhou Acer Real Estate Co. The site was made in 2008 but has been idle for reasons such as demolition.　　China's industry today said that in view of the 2010 the country's real estate industry, the unprecedented macro-control measures and the national scope of idle land inventory registration, the implementation of the punishment policy gradually in place, in order to avoid market and policy risks, Shanghai Olympic home will be transferred. According to the bulletin, in July 2008, China Body Industry holding subsidiary Shanghai Olympic Real Estate invested 510 million yuan in the acquisition of Shanghai Kang Capital of 100% of the equity, while access to project land, the development and construction of Shanghai Fengxian Olympic Garden Project, but the project land "Fengxian 15th" Due to the relocation of the reasons for delay does not have the starting conditions. Information shows that, as at March 31, 2010, Shanghai Kang Capital's total assets of 527.0081 million yuan, net assets of 8.7266 million yuan; 2010 1-March net profit is loss of 59,700 yuan, operating income of 0 yuan, operating profit of 59,700 yuan; the net profit of 2009 audited is 1.0545 million yuan, operating income is 0 yuan, operating profit is loss 105　　.450,000. The recipient Fuzhou Acer Real estate registered capital of 30 million yuan, natural persons Jin Renyu, He Wanguo, respectively, holding its 67.41% and 17.78% equity. As at the end of March 2010, the company's total assets of 550 million yuan, net assets of 272 million yuan, net profit of 200 million yuan.　　The company said that after the transfer, the Shanghai Olympic real estate will no longer enjoy "Shanghai Kang du Real Estate Co., Ltd." and "Fengxian No. 15th Plot" any rights and interests. For this equity transfer, the Chinese industry said it is expected to bring the company about 70 million yuan in revenue. The company achieved net profit of 50.9768 million yuan last year.