China Ouhua’s land buy expected to receive title transfer soon

KUALA LUMPUR (April 6): China Ouhua Winery Holdings Ltd has yet to receive the transfer of land-title ownership from the local government in the Zhifu district, China for the proposed purchase of a 40-acre (16.19ha) land there, more than four years since it first announced the acquisition.

The group said it was informed by the Land Commission Office in Yantai City that the company’s application for the land-title ownership transfer was in the process of getting final approval as well as issuance of land-title certificate by Yantai Land Commission Office.

“Chinese New Year spring festival long holidays in China had caused delays for the Yantai Land Commission Office in processing all existing applications including the company’s applications.

“The officer from Yantai Land Commission Office informed that the transfer should be able to be completed within one month from the date of this announcement,” the group said in a filing with Bursa Malaysia yesterday.

On Dec 18, 2013, the group announced that its subsidiary Yantai Fazenda Ouhua Winery Co Ltd had entered into a sale and purchase agreement with Huangwu Subdistrict Office, Zhifu District, Yantai City, to acquire a land there that Yantai had been renting since 1997, plus all buildings and ancillaries on it for approximately 132 million yuan.

This article first appeared in The Edge Financial Daily, on April 6, 2018.

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