Agreement for Debts Settlement
EX-10.2 3 v223759_ex10-2.htm AGREEMENT FOR DEBTS SETTLEMENT Unassociated Document
Agreement for Debts Settlement
Party A: Shenzhen Jiancheng Investment Co., Ltd.
Party B: Tibet Changdu Huiheng Development Co., Ltd.
Up until March 30, 2011, Party A should pay Party B RMB110,720,000.00 for the equipment and miscellaneous service charge;
According to the “Transfer Agreement” signed by both parties on Mar. 14, 2011, Party B should pay Party A RMB54,000,000.00 for the project transfer;
An agreement has been reached as follows through friendly consultation by both parties:
| 1. | The sum that Party A should pay Party B and the sum that Party B should pay Party A offset each other. As a result, Party A still owes Party B RMB56,720,000.00 on the accounts receivable. |
| 2. | The agreement enters into force upon signatures and stamps of both parties, in two copies, with each party having one copy, both of which have the same legal force. |
| 3. | Any dispute arising from the performance of this agreement shall be settled through friendly negotiation, and in case of failure to reach a settlement through the negotiation, go to the Shenzhen People’s Court to file a lawsuit. |
| Party A: Shenzhen Jiancheng Investment Co., Ltd. | Party B: Tibet Changdu Huiheng Development Co., Ltd. |
| Legal Representative: Jun Li | Legal Representative: Xiaobing Hui |
| Signed at Shenzhen on March 30, 2011 |
