Loan Agreement between Bank of China and Guangzhou City Clifford Development (Panyu) Company Limited
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Summary
This agreement is between Bank of China and Guangzhou City Clifford Development (Panyu) Company Limited, dated August 3, 2007. The bank is lending RMB 140,000,000 to the borrower for 36 months to finance the Panyu Shawan Project. The loan carries an interest rate set at 90% of the standard rate by The People’s Bank of China. Repayments are scheduled in installments, with the final balance due at the end of the loan period or before 85% of the project is sold. The loan is secured by the Panyu Shawan Project, subject to later amendment.
EX-10.1 2 v114274_ex10-1.htm
Exhibit 10.1
Summary of Loan Agreement
| Bank: | Bank of China |
| Borrower: | Guangzhou City Clifford Development (Panyu) Company Limited |
| Date: | August 3, 2007 |
| Loan amount: | One hundred and forty million renminbi (RMB 140,000,000) |
| Loan period: | 36 months from the first drawdown |
| Purpose of the loan: | To finance the development of Panyu Shawan Project |
| Interest rate: | Base on The People’s Bank of China legal standard rate times 90% |
| Security pledge: | Pledge of Panyu Shawan Project (Note: This clause is later replaced by Amendment to Loan Agreement. Please see Exhibit 10.2, filed herewith) |
| Repayments: | |
| September 2008 | RMB 20,000,000 |
| March 2009 | RMB 45,000,000 |
| September 2009 | RMB 70,000,000 |
| The balance: | The earlier of the end of the loan period or before the sale of 85% of the total saleable area of Panyu Shawan Project. |
