Exhibit 99.1
Termination Agreement
Party A: Sino Green Land Corporation
Party B: Xueyan Lin
Party C: Well Best Group Limited
Party D: Zheng Feng Holdings Limited
Whereas,
A. | Party A signed the construction agreements with Party B, Party C and Party D in Jan 2011, which stipulated as follows: |
1. | Party B got the leasing rights for the Metro Green buildings, |
2. | Party A entrusted Party B, Party C and Party D to construct the buildings with expenses of RMB55,708,800, |
3. | After Party A has paid the expenses, Party A got 18 years of using rights of the buildings. |
4. | Party A had the right to make the payment by either cash or stocks. |
B. | All parties have agreed that Party A could issue stocks to make the payment. |
Considering the bad stock market, all parties have reached the following agreement:
1. | Party B, Party C and Party D should return the company all stock they have within 3 days after signing this agreement. |
2. | Party A will return the using right to Party B, Party C and Party D. |
3. | Party A will compensate Party B, Party C and Party D within 2 years after signing this agreement, and will pay Party B, Party C and Party D 1/12 basic bank loan interest every month based on total construction expenses of RMB 55,708,800 yuan. Details are as follows: |
Basic interest rate is 6.56%, so Party A will pay Party B, Party C and Party D RMB116,015, 116,015 and 72,509, totaling RMB 304,541.44 on 10th of every month.
4. | Party A has no further obligations of paying the RMB 55,708,800 yuan. |
5. | There are no further liabilities and obligations among all parties. |
6. | All disputes would be settled by arbitration. |
SINO GREEN LAND CORPORATION
/s/ Xiong Luo
Xiong Luo
For and on behalf of
WELL BEST GROUP LIMITED
By:
Authorized Signature(s)
For and on behalf of
ZHENG FENG HOLDINGS LIMITED
By:
Authorized Signature(s)