CCPL China Central

 

TIDMCCPL 
 
RNS Number : 3845O 
China Central Properties Limited 
05 March 2009 
 

China Central Properties Limited 
("CCP" or the "Company") 
Shui On Construction Co. Limited 
and related party transaction 
 
 
5 March 2009 
 
 
CCP announces that on 2 March 2009, following a competitive tender process (the 
outcome of which was endorsed by independent consultants), one of its wholly 
owned subsidiaries ("Subco") entered into an agreement (the "Main Contract Works 
Agreement") with Shui On Construction Co. Limited ("SOC", formerly Shanghai Shui 
On Construction Co. Limited), a 70 per cent. owned subsidiary of Shui On 
Construction and Materials Limited ("SOCAM"). Under that agreement SOC will 
undertake as main contractor for certain alteration and additional works 
required for the CCP group's Ruiqi Building in the central business district of 
Chongqing, the PRC (the "Project"), for a contract sum of RMB 291.6 million 
(approximately GBP 30 million) which is payable at regular intervals after the 
presentation of a payment certificate issued by the project manager as 
stipulated in the Main Contract Works Agreement. The Project is planned to 
provide a gross floor area of approximately 86,000 square metres. 
 
 
SOCAM is a substantial shareholder in CCP, holding (through its wholly owned 
subsidiaries) approximately 42.9 per cent of CCP's total issued share capital 
and the amount to be paid to SOC under the Main Contract Works Agreement exceeds 
the five per cent threshold in certain of the class tests under the AIM Rules. 
Accordingly, the Main Contract Works Agreement constitutes a related party 
transaction which requires disclosure by way of announcement under the AIM 
Rules. Those directors of CCP who are related to SOCAM, being Mr. Vincent H. S. 
Lo and Mr. Frankie Y. L. Wong (the "SOCAM Directors") have not participated in 
the approval by CCP of the Main Contract Works Agreement. The directors of CCP 
other than the SOCAM Directors consider, having consulted with Seymour Pierce 
Limited (the Nominated Adviser of CCP), that the terms of the Main Contract 
Works Agreement are fair and reasonable insofar as shareholders are concerned. 
 
 
For further information, please contact: 
 
 
China Central Properties Limited 
 
 
Ms. Elaine Yuen, Company Secretary+852 2296 8033 
 
 
Seymour Pierce Limited 
 
 
Corporate Finance: 
 
 
Chris Howard / Mark Percy / Christopher Wren +44 20 7107 8000 
 
 
Corporate Broking: 
 
 
John Grant 
 
 
 
 
About CCP 
 
 
CCP is a property investment company listed on AIM, a market operated by the 
London Stock Exchange, and focuses primarily on investing in medium to large 
partially completed property projects in major and secondary cities in the 
Chinese Mainland. CCP has a diversified portfolio of properties, including 
commercial, retail and residential complexes, strategically located in Beijing, 
Chengdu, Chongqing, Guangzhou, Qingdao and Shenyang. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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