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Notice regarding real property and business transfer and dissolution
of Shanghai Daito Trust Construction Co., Ltd.
（Consolidated subsidiary）. |
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Daito Trust Construction Co., Ltd. would like to announce that its board
of directors held on 27 April, 2007 resolved the real property and business
transfer and dissolution of Shanghai Daito Construction Co., Ltd. (100%
subsidiary). Basic agreement with parent company of transferee was concluded.
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1. Reason of real property and business transfer
Shanghai Daito Trust Construction Co., Ltd., an consolidated subsidiary
of Daito Trust Construction Co., Ltd (real estate business segment) operates
an serviced apartments in Shanghai China. This transfer is made based on
careful consideration on group assets' expansion, efficiency and value.
Transfer price and timing is determined in view of the overseas market
trend.
2. Profile of the subsidiary
| (1) Company name: |
Shanghai Daito Trust Construction Co., Ltd |
| (2) Location: |
No. 200 Lane 2489 HongQiao Rd ChangNing District
Shanghai China |
| (3) Representative: |
Chairman Katsumi Tada |
| (4) Date of establishment: |
August 14, 1995 |
| (5) Capital: |
487,425(thousands of CNY) |
| (6) Shareholder composition: |
Daito Asia Development Pte Ltd※ owns 100%
※The company is 100% subsidiary of Daito Trust Construction |
| (7) Business: |
Overseas real estate business |
| (8) Reason for dissolution: |
Transfer of serviced apartments |
| (9) Resent performance: |
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（millions
of yen）
3. Details of property transferred
| (1) Location: |
No. 200 Lane 2489 HongQiao Rd ChangNing District
Shanghai China |
| (2) Property transferred : |
Land and building ownership
Land 117,067�屐 �Building 97,810.83��
（Housing: 47 units, Condominium: 11buildings, facility: 12） |
| (3) Transfer price: |
US$191,500,000.00 - (22,732 million yen)
Yen equivalent: T.T.M (April 26, 2006) |
| (3) Book price: |
Chinese yuan 886,970,939 - (13,402 million yen)
Yen equivalent: Bank of Japan rate (December 2006) |
4. Profile of the transferee
| (1) Company name: |
Garden Plaza Capital SRL（※） |
| (2) Location : |
Worthing Corporate Centre, Worthing, Christ Church, BB15008,BARBADOS |
| (3) Representative: |
Josephine Scesney |
(4) No relationship with Daito Trust Construction.
※Established by Goldman Sachs and the real estate fund managed by its
affiliate,
no capital or humane relationship with Daito. |
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5. Forecasts and scheduled of dissolution
| (1) April 27, 2007 |
Resolution of board of directors' meeting at Daito and its consolidated
subsidiary. |
| (2) Early May 2007: |
Conclusion of sales agreement |
| (3) Late August 2007: |
Complete transfer of the real property |
| (4) Late March 2008: |
Dissolution of consolidated subsidiary |
(5) Extraordinary profit is estimated to be about 7.5 billion yen
as a result of
this transfer. Consolidated financial results
forecast for the year ending March
2008 is in the financial highlights for the year ended March 2007.
(6) The effect is expected to be minimal.
| Copyright 2007 Daito Trust Construction Co., Ltd. |
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