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ShiFang to cooperate with Yongtai Govt for township project
ShiFang Holding (01831) said it entered into a
strategic cooperation framework agreement with the People's Government of Yongtai County,
Fuzhou City, Fujian Province, the PRC.
  Yongtai Government agreed to form a long-term strategic cooperation with Shifang 
regarding the development and operation of a theme town located in Yongtai County
featuring an integrated development of film studios, multi-purpose resort and eco-tourism
park and guest accommodation.
  The township project mainly involves the design, construction, development and operation
by Shifang of a distinctive small town located in Yongtai County featuring an integrated 
development of film studios, multi-purpose resort and eco-tourism park and guest 
accommodation for carrying out film and television production and tourist reception and
entertainment businesses; and the development and operation by Shifang of local industries
and financial services at Yongtai County.
  Shifang shall pay a deposit of Rmb50 million to Yongtai Government, which is intended to
be utilized for participating in open tender auctions to be organized by the Yongtai 
Government for land use rights, assets, grant of lease and/or operation rights circulation
within the Project Site, and is intended to be financed by its internal cash resources 
and/or external borrowings.

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