The consideration sum includes the “earnest money” of RMB2.5 million, which has already been paid. The balance has to be paid by July 22.
Combine Will International Holdings, through its indirect wholly-owned subsidiary, Dongguan Combine Will Tengda Technology Company Limited (DCWTT), has proposed to acquire a parcel of land in Tianraobu village, Hengli town, Dongguan city, China from the Tianraobu village joint stock economic cooperative (JSEC).
The land, which measures 15,712.44 sqm (169,127.3 sq ft) will be acquired at a consideration of RMB12.4 million ($2.2 million). The sum was determined by the reserve price for the land acquisition after negotiations and consultants between the parties with input from the local government while the final price was determined based on public auction.
