YOUNGOR'S Two Sons Were Compensated For Demolition By 251 Million Yuan.
YOUNGOR's wholly owned subsidiary, real estate holding company and clothing holding company, 316 East Zhongshan Road, Jiangdong District, Ningbo, has been included in the scope of reconstruction projects.
Two the amount of compensation awarded by the company is 251 million yuan.
YOUNGOR (600177) issued a notice on June 4th that the wholly owned subsidiary of YOUNGOR real estate Holding Co., Ltd. and YOUNGOR clothing Holding Co., Ltd., Zhongshan East Road, Ningbo, No. 316, east of Zhongshan Road (one to six floors of YOUNGOR's Binjiang building, were included in the company's development products, and the book value of 12080000 yuan) has been included in the construction of the Jiangxia East Bridge station and the surrounding land reconstruction project.
In connection with the demolition, real estate holdings and garment holdings have recently signed the "monetary compensation agreement for non residential housing demolition" with the Ningbo rail pit construction command and Ningbo Jiangdong District housing demolition office.
According to the agreement, the total amount of compensation is 250871462 yuan for the demolition of houses, land, decoration, one-time economic compensation, and advance relocation award fees. The 120000000 yuan will be paid within seven working days from the date of the effective date of the agreement, and will be included in the company's first half year's business income in 2010. The remaining 130871462 yuan will be paid seven days after the completion of the relocation and acceptance.
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