Sichuan TV set maker eyes JV
(Shanghai Daily)Updated: 2006-12-30 16:26
The unit has agreed to unload 400 million yuan (US$51 million) in debt, owed by Apex Digital Inc, plus 1.18 billion yuan worth of inventory to the group. In return, the parent will give it Changhong's 1.38-billion-yuan trademark, 194.4 million yuan in land use rights and 4.37 million yuan in cash.
Meanwhile, the listed company has paid 270.3 million yuan to transform five obsolete factory plots at a business center in downtown Mianyang into a commercial land development project.
The land parcels, which total 276,967 square meters, will be transformed into a complex of retail stores, office buildings and apartments.
Changhong Electric's net profit in the first nine months fell 16.48 percent year on year to 221.33 million yuan, and revenue advanced 19.6 percent to 12.2 billion yuan.
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