HONG KONG, Dec 27, 2018 - (ACN Newswire) - On December 27, 2018, Jiangsu Saite, an indirect wholly owned subsidiary of China Saite Group Company Limited (the "Company", Stock Code: 153.HK), entered into the Construction Agreement with Shenyang Jindihan Investment Co., Ltd.*("Shenyang Jindihan"), which includes manufacturing and installation of the Vertical Automated Parking System.
This Agreement is respect of the Vertical Automated Parking System at a parking building which will be located at the east land plot of Yingbin Street, Shenhe District, Shenyang City of the PRC. In accordance to the agreement, Jiangsu Saite shall be responsible for the design, manufacturing, transportation, installation, testing, check and inspection, post-sale maintenance and warranty and training of the Vertical Automated Parking System, and also shall provide Shenyang Jindihan an initial warranty period of 24 months for free. Shenyang Jindihan shall pay Jiangsu Saite the consideration of total RMB109,240,824.00 (equivalent to approximately HK$124,133,683.43).
Being an indirect wholly owned subsidiary of the Company, Jiangsu Saite principally engages in the construction of steel structure and prefabricated construction projects. Shenyang Jindihan mainly engages in parking lots service, industrial investment and real estate development. Through this cooperation, the Company initially steps into the field of parking industry, which represents its new business plan and strategies. With the principle of mutual benefits and "win-win", the cooperation will bring two parties positive impact and the company will earn substantial profits which conform to the interests of the shareholders.