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 | | Based on the unaudited management accounts of Yangpu Land for the year ended 31st December, 2002 prepared by the Yangpu Development, after making adjustments in accordance with Hong Kong's generally accepted accounting principles, the losses from operation after taxation for the two years ended 31st December, 2002 were approximately HK$131.8 million and HK$68.5 million respectively. |
 | | The unaudited net asset value of Yangpu Land, as adjusted by the valuation of the land and property of Yangpu Land dated 31st December, 2003 prepared by an independent valuer, was approximately HK$103.4 million as at 31st December, 2003. |
 | | In the event that all of the conditions are not fulfilled on or before 31st March, 2004 (or such later date as may be agreed between the parties in writing), the Yangpu Agreement and all rights and obligations thereunder shall cease and terminate. |
| www.asiawind.com /pub/hksr/news/040219/10-101 (331 words) |
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