Foshan Lighting announced on the evening of December 25 that on December 11, 2012, the 27th meeting of Foshan Lighting's Sixth Board of Directors reviewed and approved the “Proposal on Participation in Gaoming Land Use Rights Bidding†and authorized the company's management to participate in the bidding. It is located in the north of Dengguang Avenue, Hecheng Street (Fuwan), Gaoming District, Foshan, and the right to the use of state-owned construction land in the east of Hengchang Road. The company participated in the bidding of the land use right of the above-mentioned state-owned construction land, and won the state-owned construction land use right of the land at a price of RMB 20,852 million (the transferred land area was 479,356.38 square meters, or 719.03 mu contract). On December 24, 2012, the company signed a “confirmation of transaction†with the bidding and transaction center of Gaoming District, Foshan City. According to the “Confirmation of Transaction†requirements, the company must sign a “State-owned construction land use right transfer contract†with the Guotou Urban Construction and Water Affairs Bureau of Gaoming District of Foshan City within 10 working days, and must pay off all the transfer within 30 days from the transaction date. Land premiums and transaction service fees.
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