Property Transfer Agreement (English Translation)
Exhibit
99.6
Property
Transfer Agreement (English Translation)
| Seller: Shanxi Suo’ang Biological Science and Technology Company Limited |
(Party A)
|
| Buyer: Hanzhong Si ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ Business Company Limited |
(Party
B)
|
According
to "Contract Law of the People's Republic of China" and other relevant laws,
the
buyer, Party B purchases the “Hanzhong
City International Trade Center Building for the 1st
to 3rd
floors”
from
Party A, the following are the mutually agreed terms and
conditions:
Item
1:
Real
estate basic situation
| (1) |
The
real estate is situated at the west side of the Hanzhong town center
square, the total area is 2,780 square meters; the usage is shopping
mall.
|
| (2) |
Both
sides confirmed, as the fact that Party A has not yet obtained the
house
property right and permits, the actual usable area, the public area
and so
on possibly can have some degrees of
differences.
|
| (3) |
The
facilities: In-house decoration as well as room heating, air conditioning,
electric appliance and so on ancillary facilities. The house at present
repair the Party A does not have the right to demolish the in-house
facilities.
|
Item
2:
Consideration
The
consideration of this real estate agreed paid by installments for Total of
RMB
19,200,000.
Item
3: Payment
method
Both
parties agreed payment by installments scheduled as follows:
First
payment: RMB 4,000,000 shall be paid within 10 days upon signing of this
agreement;
Second
payment: Further RMB 9,500,000 shall be paid within 180 days upon signing of
this agreement;
Final
payment: RMB 5,700,000 shall be paid before March 31, 2007.
Item
4: Delivery
of possession
| (1) |
After
the contract was signed and Party A received 95% of the consideration,
the
legal title of above mentioned real estate would be transferred to
Party
B.
|
| (2) |
Before
the delivery of possession, all electricity, water and building management
fees are borne by Party A; all rental income belongs to Party A;
|
Item
5:
Buyer
fails to perform
Shall
Party B fail to complete the purchase in the manner contained in the agreement,
the following penalty will be applied:
For
any
delay payment, a monthly interest rate shall be charged at 0.3%p.m.; and Party
A
has the rights to request for the following compensation:
| (1) |
Shall
Party B pay the penalty of RMB 300,000 and the obligations of the
agreement continue;
|
| (2) |
Shall
Party B delay payment over 50 days, Party B shall be charged for
further
penalty of RMB 800,000 to Party A and the contract terminated
immediately.
|
Item
6:
Similarly,
shall Party A violate the terms of delivery of possession; Party B has the
right
to request for the following compensation:
| (1) |
Shall
Party A pay the penalty of RMB 300,000 and the obligations of the
agreement continue.
|
| (2) |
Shall
Party A delay the delivery of possession over 50 days, Party B shall
be
charged for further penalty of RMB 800,000 to the Party B and the
contract
terminated immediately.
|
Item
7:
Party
A
should ensure the property is free from possession and financial encumbrances
before the transfer of ownership. Otherwise, Party A shall take all
responsibilities.
Party
B
should make close inspection of the property before the transfer of ownership.
Other, Party B shall be responsible for the repair and maintenance.
Item
8:
The
agreement related to property right:
| (1) |
When
Party B fully paid the consideration, Party B shall apply the Ownership
Certificate. Party A has the obligation to provide assistance to
Party B.
Shall Party A make mistakes and affect Party B failure to obtain
the
Ownership Certificate within 60 days, Party A is violated the contract.
In
this regard, Party A has to compensate Party B RMB 300,000. Shall
other
reasons such as the developer causing Party B fails to obtain the
Ownership Certificate, Party A need not compensate.
|
| (2) |
As
the property has not yet obtained the Ownership Certificate, both
Parties
A and B mutually agreed to change the terms of the agreement in order
to
consider this agreement is completed for all the obligations in the
view
of Party A as mentioned in Item 8 (1). That is, both Parties A and
B
mutually agreed to alternate the landlord as Party B in the original
sales
agreement with the developer. Party B shall be liable to pay for
all
related charges for obtaining the Ownership
Certificate.
|
Item
9:
Parties
A
and B shall bear all the statutory expenses of the transfer of
ownership.
Item
12:
All
conflicts during implement of this contract shall be solved through negotiation.
If problems cannot be settled, two parties agree to take either 1) arbitration
in the board of arbitration in Hangzhong; or 2) litigation in Hanzhong’s court
as the jurisdiction court.
Item
14:
This
contract shall be effective after each party’s signature.
Item
15:
This
contract is in quadruplicate. Party A and party B hold two contracts
respectively. Each contract has the same legal effect with this
contract.
Party
A:
Shaanxi Suo’ang Biological Science & Technology Co., Ltd.
Signature:
/s/ Shaanxi Suo’ang Biological Science & Technology Co.,
Ltd.
Date:
June 13, 2006
Party
B:
Hanzhong Si ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ Business Company Limited
Signature:
/s/ Hanzhong Si ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ Business Company Limited
Date:
June 13, 2006