Annual Report 2009 - Greentown China Holdings Limited
Annual Report 2009 - Greentown China Holdings Limited
Annual Report 2009 - Greentown China Holdings Limited
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>Report</strong> of the<br />
Directors<br />
(2) an advertising services agreement<br />
(the “Renewed Advertising Services<br />
Agreement”) with <strong>Greentown</strong><br />
Football Club on similar terms to<br />
those in the Advertising Services<br />
Agreement. The annual advertising<br />
service fees payable by the Company<br />
under the Renewed Advertising<br />
Services Agreement is RMB40<br />
million for the three years ending 31<br />
December 2011, which accordingly<br />
are determined as the annual caps<br />
of the Renewed Advertising Services<br />
Agreement; and<br />
(3) a comprehensive services agreement<br />
(the “Renewed Comprehensive<br />
Services Agreement”) with<br />
the Original Shareholders and<br />
<strong>Greentown</strong> <strong>Holdings</strong> Group relating<br />
to the following transactions:<br />
(i)<br />
(ii)<br />
the Original Shareholders<br />
agreed to provide interior<br />
decoration services to the<br />
Company for property<br />
development on similar<br />
terms to the Comprehensive<br />
Services Agreement. The<br />
aggregate annual fees in<br />
respect of interior decoration<br />
services payable by the<br />
Company under the Renewed<br />
Comprehensive Services<br />
Agreement is RMB10 million<br />
for the three years ending<br />
31 December 2011, which<br />
accordingly are determined<br />
as the annual caps of the<br />
interior decoration services<br />
pursuant to the Renewed<br />
Comprehensive Services<br />
Agreement;<br />
<strong>Greentown</strong> <strong>Holdings</strong> Group,<br />
through its subsidiary,<br />
Zhejiang <strong>Greentown</strong><br />
Property, agreed to provide,<br />
among others, property<br />
management services to the<br />
(iii)<br />
Company for the Company’s<br />
property development on<br />
similar terms to those in the<br />
Comprehensive Services<br />
Agreement. The annual<br />
expenditures in respect<br />
of property management<br />
services provided by the<br />
Company under the Renewed<br />
Comprehensive Services<br />
Agreement for the three years<br />
ending 31 December 2011<br />
are estimated to be RMB14<br />
million, RMB16 million and<br />
RMB18 million respectively,<br />
which accordingly are<br />
determined as the annual<br />
caps of the property<br />
management services<br />
pursuant to the Renewed<br />
Comprehensive Services<br />
Agreement;<br />
<strong>Greentown</strong> <strong>Holdings</strong> Group,<br />
through its associate, agreed<br />
to supply certain landscaping<br />
raw materials to the Company<br />
for its property developments<br />
on similar terms to those in<br />
the Comprehensive Services<br />
Agreement. The annual cost<br />
payable by the Company<br />
in respect of purchase of<br />
landscaping raw materials to<br />
be supplied by <strong>Greentown</strong><br />
<strong>Holdings</strong> Group for the three<br />
years ending 31 December<br />
2011 are estimated to be<br />
RMB2 million, RMB2.5<br />
million and RMB3 million<br />
respectively, which<br />
accordingly are determined<br />
as the annual caps of the<br />
supply of landscaping raw<br />
materials pursuant to the<br />
Renewed Comprehensive<br />
Services Agreement; and<br />
90<br />
<strong>Greentown</strong> <strong>China</strong> <strong>Holdings</strong> <strong>Limited</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2009</strong>
Change language