Summary of Loan Agreement
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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. |
