Taiyuan Corundum 225 million transfer property company to be insolvent

Taiyuan Corundum under the 80% stake in the real estate is an insolvent company, and I do not know whether for this reason, the parties to the deal in the agreement agreed to a rather high penalty.　　Taiyuan Corundum, one of the members of the "Hengdian department", has been acting frequently in the business adjustment. In June, after spending 22.5 million yuan and South Korea Thai Chang N.E.T Company to set up a new energy company, today, Taiyuan Corundum again issued the latest bulletin said, the company is to 225 million yuan to transfer the price of its Taiyuan Corundum Real Estate Development Co., Ltd. (hereinafter referred to as "corundum real Estate"),　　To 3.92 million yuan of the price of the transfer of its Taiyuan Corundum International Trade Co., Ltd. (hereinafter referred to as "corundum ITC") 49% of the equity, and the price of 4.5 million yuan to be held by the Corundum International Trade Co., Ltd. Zhejiang British Rockwell Magnetic Industry Limited by 7.5% of the equity. It is noteworthy that the Shanxi Chiang Kai-shek Real Estate Development Co., Ltd. (hereinafter called "Real Estate"), a 80% stake in Taiyuan Corundum's property company, is an insolvent company.　　For this reason, the parties have agreed to a rather high penalty in the deal. 225 million yuan transfer property company to be insolvent is learned, Corundum Real Estate is Taiyuan Corundum in October 2006 at a price of 190 million yuan from the Corundum group procurement, as of December 31, 2009, corundum real estate audited assets total of 20,057 920,000 yuan, the total liabilities of 152,000 yuan, net assets of 20,042 Yuan.　　Because has not formally developed the real estate project, temporarily did not realize the sales income.　　Taiyuan Corundum today announced that June 28, the company and the Chiang Kai-shek Real Estate, Jian Min signed the agreement on the transfer of shares, the company will hold 100% of the Jade real estate transfer to the positive real estate, Jian Min, the share is 80% and 20%, the two sides agreed to the total transfer of equity price of 225 million yuan. According to today's public information, the actual control of the real estate in Chiang Kai-shek is also Jian Min. As of December 31, 2009, the real estate total assets of 77,139.100,000 yuan, the total liability is 88,982.450,000 Yuan. This means that the company is actually insolvent, with net assets of 11,843.350,000 Yuan.　　In addition, the company also suffered substantial losses in 2009, with a net profit of $42.9323 million. Do not know whether it is because of this reason, the parties to the deal in the agreement agreed to a relatively high penalty: if the real estate is not in accordance with the provisions of the Agreement between the two parties to pay the time limit, each overdue day to Taiyuan Corundum to pay the overdue amount of five out of 10,000 of the liquidated damages　　If any unilateral breach of contract by either party leads to the dissolution of the equity transfer agreement, the defaulting Party shall pay a penalty of 50 million yuan to the compliance party. Poor performance transfer assets for industry adjustment in recent years, Taiyuan Corundum's operating performance has been very bleak. 2008, the company a huge loss of 189 million yuan, 2009 net profit, although it turned out to be profitable, but also 853.590,000 Yuan. And the latest quarterly show that the 2010-year quarter, the company profit of 1.0171 million yuan.　　And from the recent action of Taiyuan Corundum, the company should be trying to break through this dilemma.　　For the above-mentioned transfer of real estate companies, Taiyuan Corundum said that this will reduce the scope of the company consolidated accounting statements, to revitalize the company's stock assets, speed up the pace of industrial adjustment, maintain the company's sound development, the company's operating risk to a manageable level. In addition, Taiyuan Corundum today announced that the company will be 3.92 million yuan to the price of its corundum 49% of the company's shares to Beijing billion-British joint Energy Technology Development Co.　　Data show that as of December 31, 2009, Corundum International trade audited assets of 5.9083 million yuan, the total liabilities of 602,200 yuan, net assets of 5.3061 million yuan, net profit of 4.5934 million yuan (of which the bad debts are ready for this period reversed to 3.54 million yuan). At the same time, because of the Corundum international Trade Holdings zhejiang British Rockwell Magnetic Industry Co., Ltd. 7.5% of the equity (another 92.5% of the equity owned by Taiyuan Corundum), so in order to facilitate the day-to-day management of the company, focusing on the development of the company's leading industry, Taiyuan Corundum also to 4.5 million yuan price from the hands of Corundum International Trade Co., Ltd. Zhejiang British Rockwell Magnetic Industry Limited 7.5% of the equity.