Payment Extension Agreement between Tianjin Binhai Shisheng Trading Group Co., Ltd. and Hezhong (Tianjin) International Development Co., Ltd. dated May 12, 2016
Tianjin Binhai Shisheng Trading Group Co., Ltd. and Hezhong (Tianjin) International Development Co., Ltd. have agreed to extend the payment deadline for a previous equity transfer. The payment of RMB 120 million, originally due on November 30, 2015, is now extended to November 30, 2016, with an annual interest rate of 6% applied to the extension. Any other issues will be resolved through further negotiation between the parties.
Exhibit 10.2
Payment Extension Agreement
Party A: Tianjin Binhai Shisheng Trading Group Co., Ltd
Party B: Hezhong (Tianjin) International Development Co., Ltd
Party A and Party B had entered into an equity transfer agreement on November 30, 2013, by which Party A acquires 100% equity of Tianjin Zhonghe Auto Sales Service Co., Ltd. As per this acquisition agreement, a payment of RMB ONE HUNDRED TWENTY MILLION was originally due on November 30, 2015. After friendly consultation, the two parties hereby conclude an arrangement as below:
1. On request of Party A, Party B agreed to further extend this due payment to November 30, 2016, and the annual interest rate for the extension is 6%.
2. This agreement is made in two copies with equivalent validity.
3. Any issue not covered herein shall be negotiated separately between the parties.
Party A: /s/ Cheng Weihong Party B: /s/ Fan Jie
| Date: May 12, 2016 |
