Item 1.01 Entry into a Material Definitive Agreement.
On December 26, 2015, Shanghai Shang Yang Real Estate Consultation Company Limited (“SHSY”) and Shanghai Daerwei Trading Company Limited (“Daerwei”) entered into certain asset purchase agreement (the “Asset Purchase Agreement”), pursuant to which SHSY sold approximately 1,619.30 square meters of office spaces in an office building located at No. 638, Hengfeng Road, Building A, Shanghai, PRC 200070 (the “Office Space”) to Daerwei (the “Asset Purchase”). The Asset Purchase is expected to close by March 31, 2016.
SHSY is a wholly-owned subsidiary of the Registrant. Daerwei is owned 58% by an entity that is majority-owned by the wife of the Chief Executive Officer of the Registrant, 19% by SHSY and 11% by LinyiRui Lin Construction and Design Company Limited, which is also a wholly-owned subsidiary of the Registrant.
The purchase price for the Office Space was RMB 51,820,480 (approximately USD $7,978,273.19 using the 12/31/2015 exchange rate of RMB 6.4951 per USD $1). This Office Space was initially purchased for RMB 42,476,600 (approximately USD $6,539,791.53 using the 12/31/2015 exchange rate of RMB 6.4951 per USD $1). Prior to the sale, SHSY obtained an independent appraisal which concluded that thevalue of the Office Space less than the ultimate sale price. On February 16, 2016, Daerwei and SHSY entered into a supplementary agreement to the Asset Purchase Agreement, pursuant to which Daerwei agreed to pay SHSY RMB 8,096,950 (approximately USD $1,236,037.82) as a reimbursement for fixtures previously installed in the Office Space.
https://www.sec.gov/Archives/edgar/data/1083490/000114420416085230/v433124_8k.htm
Recent SRRE News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 09/03/2024 06:59:29 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 08/15/2024 05:22:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/24/2024 05:35:42 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 06/05/2024 01:58:03 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 05/16/2024 08:01:16 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/16/2023 12:49:14 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/15/2023 06:30:56 PM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM