Property Sale and Purchase
Contract
The Seller
(hereinafter referred as “Party A”): Hainan
Zhonghe Pharmaceutical Co., Ltd.
Legal
Representative: Cui Xueyun
Address: No.168
Nanhai Street, Haikou, Free Trade Zone
The Buyer
(hereinafter referred as “Party B”): Hainan Twenty
First Media Co., Ltd.
Legal
Representative: Weiqiong
Address:
Fortune Plaza, Binhai Street, Haikou
Article 1 Basic
Situation of Property
The property owned by Party A is located at
Haiyun Road, Dadonghai Block, Hedong District, Sanya ;
frame of building is Composite Structure ; the
building area of the property is 927.70 square meters,
ownership certificate No. is Santufang (2007) No. 3012
.
Article 2
Nature of Land Use Right
The property related land use right was acquired
by pay compensation for leasing; the useful life is till December
19, 2065.
Article 3
Price
Calculated by building area, the sale price for
that property is RMB23000 per squatter meter, the total value is
RMB21,337100.00
Article 4
Payment
Party B shall pay Party A advance payment
RMB500,000.00 on the date when the contract comes into effect, and
pay another RMB38,000,000.00 before December 31, 2008. The rest
amount shall be completely paid with 90 days after consummating
transfer of the property ownership.
Article 5
Delivery Time
Party A shall delivery certificate of ownership
to Party B before October 31, 2008 and shall finish going through
the land alteration registration procedures before December 31,
2008.
Article 6
Liability for Party B’s overdue payment
If Party B fails to pay in time specified in
Article 4, Party A has right to lay Pa
