Loss farms sell 77.14 million China Baoan to evacuate Hainan

Deep in the Hainan market for many years of China Baoan (000009, closing price of 9.95 Yuan), now the signs of withdrawal more and more obvious. China Baoan today (June 10) announced that the transfer of 77.1462 million yuan in the price of Hainan Xin an Farm Co., Ltd. (hereinafter referred to Xin an farm) 100% equity.　　Because Xin an farm is still in a loss, can sell such a good price, China Bao ' an seems to make a big profit. Loss of the farm sold 77 million high prices announced that, after the Board of trustees, China Bao ' an decided to hold the Xin-an farm 95% transfer to Jinheng Taihe (Beijing) Investment Co., Ltd. (hereinafter referred to as Jin Heng Taihe), the transfer price of 73.2888 million yuan; subsidiary Hainan Industrial Co., Ltd. will hold the Xin an farm Shares are also transferred to Jin Hentei and the company, the transfer price is 3.8574 million yuan, the total transaction amount is 77.1462 million yuan. The above transaction behavior does not constitute the related transaction. After the sale, China Baoan no longer holds the stake in Xin ' an farm.　　Bao ' An also said that there is no guarantee for Xin ' an farm, commissioned Xin ' an farm finance, and Xin-an farms occupy the company's funds and so on. The announcement shows that Xin an farm is located in Haikou Chengmai County Development Zone, as at the end of 2009, net assets of 7.71 million yuan, operating income of only 543,100 yuan, net profit of 1.81 million yuan. As of April 30 this year, the company's operations are still at a standstill.　　This January-April, the farm revenue of only 92100 yuan, net profit of 2.49 million yuan. This is not the first time that China Bao ' an farm changed hands. In April this year, China Baoan will be located in Hainan's Hon Ann Farm and Sheng-an farm 100% shares transferred to Henan Jin Peng Investment Group, the total transaction amount of 110 million yuan. The deal is expected to generate about 92 million yuan in China's Baoan investment income.　　The company said that the sale of the farm will help to revitalize the company's stock assets, the return of funds concentrated development main business.　　As the cumulative income of two transfer farms is about 138 million yuan, more than 50% of the 2009 audit net profit of Bao ' An, China, according to the relevant provisions of the company's Articles of association, the above three farm companies ' equity transfer should also be submitted to the general Meeting of shareholders for consideration. Real estate cooling out of Hainan signs China Baoan in Hainan Real estate market for many years, land reserves concentrated in Haikou, Sanya and Wanning. According to the data, Bao ' an entered the Hainan market aggressively in 1992. 2002-2004 years, the company seized the national and Hainan economic warming but Hainan real estate industry has not yet warmed the historical opportunity to accelerate the pace of expansion in Hainan. China Baoan has increased its land reserves through acquisitions. 2003, China Baoan has set up 7 subsidiaries (of which 5 are the name of the farm), of which Hainan Wenan Industrial company to buy land contract amount of 42.55 million yuan, Hainan Baoan Farm to buy land contract amount of 37.5 million yuan.　　Company Dong secret office staff also disclosed to the media, China Baoan in Haikou Chengmai and Sanya has two farms, covers an area of 3000 acres. "LossDamaged farms can sell such good prices, presumably with the land reserves owned by the farm! "A senior market person told the Daily economic news that the price of a farm at high prices is reasonable, and it is difficult to comment on the available public information." However, in the near future, influenced by macro-control, Hainan's housing market has already started cooling, China Baoan withdrew from Hainan, indicating that the company has been not optimistic about the real estate projects in Hainan. Therefore, the sleeve is a better choice.