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ENGLISH TRANSLATION OF SHANGHAI EAST OCEAN CENTRE PROPERTY SALES CONTRACT
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TOTAL PAGES: 7 (inclusive of this one)
PUBLIC NOTARY CERTIFICATE
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Exhibit 10.6
SHANGHAI PUBLIC NOTARY OFFICE
P.R.CHINA
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SHANGHAI EAST OCEAN CENTRE
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CONTRACT FOR FOREIGN SALES PROPERTY
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SELLER: SHANGHAI XING TAI REAL ESTATE
DEVELOPMENT INCORP.
19/F FLAT A KAI WAH BLDG
1375 WAI HOI CHUNG RD
SHANGHAI
P.R.CHINA
TEL/FAX: (021) 6471 3739
BUYER: EURO TECH (FAR EAST) LTD
18/F GEE CHANG HONG CENTRE
65 WONG CHUK HANG RD
HONGKONG
BUSINESS INCORPORATION NO: 24182
TEL: (852) 2814 0311
1) According to "The rules on Sales, Transfer and Usage of land, P.R.China" &
"The regulation of transfer and usage of land of Shanghai Municipal". The
Seller and The Shanghai Property Management have signed "Transfer On Usage
Of Land (Contract No. (Shanghai (92) Transfer Contract No: 11), and thus
have secured a piece of land situated on Wang Pao Area, total area is 2611
sq meter for commercial usage from 5 Aug 1992 to 4 Aug 2042). It is
approved that the property built on this land is called "Shanghai East
Ocean Centre" and for foreign sales under Approval Permit No: Shanghai (93)
128.
2) The Buyer shall purchase the 21/F Flat D Gross Area 115.97 sq. meter,
hereafter called the Property (Please see attached floor plan of the flat).
3) The Seller agrees to sell and the Buyer agrees to buy the above Property at
a price of HK$2,751,200.-
4) The ownership of the Property shall pass to the Buyer upon full settlement
of the Property price.
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5) The Seller have the right to sue for interest incrued if the Buyer do not pay
promptly. If delay is over 30 days, the Seller shall have the right to
terminate the contract and inform the Buyer in writing about the termination.
All payment shall be forfeited and the ownership of the Property belongs to
the Seller.
6) The Seller shall hand over the Property to the Buyer on or before 31 Mar
1995. With the exception that followings occur and The Seller & Buyer shall
have to terminate the contract:
- Irresistable natural disaster.
- Great technical problems cannot be solved during
construction period.
- Other events that beyond the control of the Seller.
7) The Seller shall compensate the Buyer by paying interest (according to the
fixed loan interest rate from Bank Of China for not hand over the Property to
the Buyer within the stated time. If the delay is over 30 days, the Buyer
have the right to terminate the contract and the Seller shall pay back the
amount already paid by the Buyer and interest incurred.
8) The Seller shall guarantee quality of the contruction work and the property
shall pass the testing and examination carried out by the Supervision on
Construction project Shanghai Municipal.
9) The Buyer shall have the right to terminate the contract if the Property does
not pass the testing and examination by the Supervision on Construction
project Shanghai Municipal. The Seller shall have to pay back the Buyer ;
double amount of the deposit, other amount paid and interest incurred
10) The Buyer shall have to pay the oustanding property amount upon receiving
the property.
11) The Seller shall be resonsible for the construction of the property and
maintenance of the essential fixtures for a period of one year after the
hand over. Danages caused by irresistable reasons shall not be entertained.
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12) The property is for commcerical use. The Buyer cannot alter the construction
and usage of the property. The Buyer shall obey the rules and regulation of
the P.R.China and management office of the Shanghai East Ocean Centre.
13) The Buyer shall have to pay tax on usage of land to the Property Management
Shanghai Municipal.
14) Attachments of this contract shall be valid as the contract.
15) The signed contract shall be registered on the Shanghai Public Notary
Office.
16) Within the validity of this contract, agreement shall be obtained from the
Seller if the Buyer wants to transfer the contract to a third party. A new
contract shall have to signed between the Seller and the third party upon
termination of the contract between the Seller and the Buyer but within 20
days.
17) Arugment (if any) shall be resolved by the Buyer and the Seller in private
or approach the People court for juridical action.
18) This contract contains 1 set in 5 copies, The Seller, Buyer, Shanghai Public
Notary , Shanghai Property Management and Shanghai Property Registration
office shall have one. They are all valid copies.
THE SELLER: SHANGHAI XING TAI REAL ESTATE DEVELOPMENT INCORP.
(SIGNED)
THE BUYER: EURO TECH (FAR EAST) LTD
(SIGNED)
THE WITNESS: CHINA PUBLIC NOTARY AGENT
SIGNED : 28 JUN 1993 IN HONGKONG
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ATTACHMENT
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PAYMENT BY INSTALLMENT
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1) The Buyer shall have to pay part of the Property Amount i.e HK$550,240.- on
the date upon signing this Contract.
2) The Buyer shall have to pay part of the Property Amount
i.e. HK$412,680.- on or before 1 Nov 1993.
3) The Buyer shall have to pay part of the Property Amount
i.e. HK$412,680.- onor before 1 May l994.
4) The Buyer shall have to pay the balance of the Property Amount i.e.
HK$1,375,600.- within 14 days after receiving the Occupancy Notice from the
Seller.
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[FLOOR PLANT OF 21/F FLAT D SHANGHAI EAST OCEAN CENTRE]
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PUBLIC NOTARY CERTIFICATE
(93) SHANGHAI NO: 2359
This is to certify that the Mr Kam Sau-Nan, legal representative of Shanghai
Xing Tai Real Estate Development Incorp, Shanghai & Madam Wong Mo Kee, legal
representative of Euro Tech (Far East) Ltd (Registration No: 24182) signed the
Property Foreign Sales Contract of The Shanghai East Ocean Centre on 28 Jun 1993
in Hong Kong.
After investigation, signatures and contents of the Foreign Sales Contract are
in accordance with the laws and regulations of the P.R.China The signatures and
stamps from both parties are true and correct.
Public Notary Office (signed)
P.R.China Public Notary Office
21 SEPT 1993
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