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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) January 19, 1999
China Pacific, Inc.
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(Exact Name of Registrant as Specified in Charter)
Nevada
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(State or Other Jurisdiction of Incorporation)
0-26232 87-0429945
(Commission File Number) (IRS Employer Identification No.)
Room 1102, 11/F, Wing Shan Tower,
173 Des Voeux Road Central, Hong Kong, China
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code (852) 2802-3068
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CHENGDU IRON & STEEL OFFICE BUILDING, QINGBAIJIANG DISTRICT,
CHENGDU, SICHUAN PROVINCES, CHINA
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 4. DISPOSITION OF PROPERTIES.
The Board of Directors had approved and has sold its two income
residential properties located in Hong Kong for a total consideration of
US$3.55 million.
The Company decided to sell the Hong Kong investment properties in order
to decrease the Company's mortgage loan liabilities and corresponding interest
expenses. As a result of the sale of the Hong Kong residential properties, the
Company's mortgage loan liabilities have been repaid and replaced by two
promissory notes in the total amount of $1.58 million as described below.
Because the proceeds from the sale of the Hong Kong residential properties were
insufficient to pay the bank loans on the properties, the Company's subsidiaries
through which the properties were held have issued two promissory notes for a
total principal amount of US$1.58 million, each with a term of three years and
bearing interest at the rate of 5% per annum, payable upon maturity of the
promissory notes. Payment of principal and interest on promissory notes are
guaranteed by the Company.
Effective as of December 22, 1998, Mr. Albert Choi resigned from his
positions as Secretary of Company. Mr. Xin-Chuan Huang, currently a director of
the Company, has been appointed as new Secretary of the Company, effective
immediately.
ITEM 7. EXHIBITS.
(c) Exhibits.
1. Deed of Guarantee
2. Memorandum agreement for the disposal of properties
3. Press Release on the disposition of properties
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
China Pacific, Inc.
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(Registrant)
Date January 19, 1999 By: /s/ Thomas Tong
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Acting President
Chief Financial Officer
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