Xiwang Property (02088) said it expects to record a substantial improvement in the results of its continuing operations for the six months ended 30 June 2014 as compared with that of the corresponding period in 2013.
Such improvement is principally attributable to the early repayment of an interest bearing promissory note in the principal amount of Rmb308 million issued by Xiwang Property to controlling shareholder Xiwang Investment Company Limited through offsetting the debts under the promissory note against part of the consideration for the disposal of the corn processing business of the Group to Xiwang Investment on 29 June 2013. Its interim results announcement is expected to be released in August.
Besides, Xiwang Property is now in negotiation with the Jimo Government for termination of the development cooperation agreement in relation to the re-development of certain old villages in the Jimo City, Qingdao, Shangdong Province into "Jimo Metropolitan".
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