Referring to a sale and purchase agreement (SPA) signed on 23 February 2011 by Guangzhou Mayer Corporation Limited and a vendor for Guangzhou Mayer's proposed acquisition of a property for cash consideration of RMB60.66 million, Mayer Holdings (HKG:1116) said that, on 20 April 2012, Guangzhou Mayer and the vendor entered into an agreement to terminate the SPA, pursuant to which the vendor will return to Guangzhou Mayer a sum of cash consideration paid, plus pay 5% of the consideration as compensation, being RMB63.693 million in total (HK$75.158 million).

Guangzhou Mayer is non-wholly owned by Mayer Holidngs.

The property is a commercial complex located on a piece of land situated at U-standard Sub-district (University City), West Wing Group Main City District, Chongqing city, the PRC. The property has a developable area of 38,000 square meters and 266 car parking spaces.

As one of the conditions precedent for the proposed disposal of the entire issued share capital of Bamian Investments Pte. Limited (details of which are disclosed in the announcement of Mayer Holdings dated 5 January 2012), Mayer Holdings is required to obtain an undertaking from the vendor to revoke the SPA and to refund the consideration plus 5% of the consideration as compensation.

Source:chinesestock.org