The first shares proposed to spend $400 million to set up three subsidiaries

NetEase Finance July 29 first open shares July 29 Evening notice said, the company plans to spend 405.1 million yuan to set up Guiyang first Kai Tai Real Estate Development Co., Ltd., Mianyang first Kai Hing Thai Property Co., Ltd. and Mianyang Rong Tai Estate Co., Ltd. three subsidiaries. The first open shares said, June 30, 2010, the company won the award of Guiyang LongDong area G (10) 20, 21, 223 land, for the next step of the rapid development of the project construction work, the first open shares proposed to establish Guiyang first open operation of the project.　　The company registered capital of 200 million yuan, all by the first open share capital.　　At the same time, in order to actively participate in land market auctions, to find new land reserves, the first open shares proposed to invest 200 million yuan to set up Mianyang first opened.　　In addition, the first open shares also proposed with partners to set up a Mianyang Rong Tai home, registered capital of 10 million yuan, of which the company invested 5.1 million yuan, accounting for the new company 51% shares. The first shares said that the amount of the foreign investment does not exceed the company's board of directors Foreign Investment Authority, so no need to submit to the general Meeting for consideration.　　And the investment has been approved by the Board and is not required to be submitted to the shareholders ' meeting.　　In addition, the Board also approved the company to China Merchants Bank Beijing Branch application for 400 million yuan real estate development loans, the period of 24 months, the first group of controlling shareholders to provide security. The first open shares rose 0.12%, reported 17.27 Yuan, the whole day slightly up 0.12%.