Dear Albert When we meet tomorrow,

Dear Albert



When we meet tomorrow, I want to discuss the following with you:



1. Equity for the ShiShan project;

2. Terms of collaboration for the TID Concept

3. Cheever TID Fund



1. Equity for the ShiShan project

My company holding 15% shares in the JV company with AoYuan is DHC Real Estate Advisory Limited (the “Company”). I have a partner (the “Partner”) who has agreed to acquire 90% shares in the Company; while I have an option to purchase 10% shares back from the Partner within 6 months. In addition, the Partner has also agreed to pay a premium of RMB3mn to another PRC company owned by me, under separate contract.



The first equity call for this project is RMB110mn, and the Company’s share is RMB16.5mn (110 X 15% = 16.5). The Partner should have paid RMB14.85 (16.5 X 90% = 14.85). In addition, the Partner should also pay the RMN3mn premium to me.



The present situation is that the Partner has defaulted and has only paid RMB12mn, while the balance was paid by me.



Because of this default, I have not transferred any of the shares in the Company to the Partner, so that as of today, notwithstanding that the Partner has contributed RMB12mn to the Company, I remain 100% shareholder. My excuse is that I was not sure whether the Partner will default again in the future, when the next equity call is made, and is therefore holding up everything.



The Partner has advised me that they have already resolved the equity issue and will follow the terms of the original JV agreement, ie make full contribution as required, plus the premium of RMB3mn. The Partner is also requesting that we proceed with transfer of shares in the Company, and regularize the situation.



The total equity proposed for this project is stipulated to be RMB350mn in the JV Agreement with AoYuan, with the provision that if that if RMB350mn is not adequate, the shareholders will have to make shareholders’ loan to make up the difference. However, our plan is that the equity required is likely to be only RMB 200mn, or a maximum of 250mn. The Partner is not aware of this arrangement.



Assuming the future equity call to be RMB250mn, the future equity call on the Company will only be RMB21mn; while the other scenarios are shown in the following table

RMB million


Total equity required
The Co’s 15%
Contribution already made by the Co
Additional cash injection by the Co

1
200
30.0
16.5
13.5

2
250
37.5
16.5
21.0

3
300
45.0
16.5
28.5

4
350
52.5
16.5
36.0




At RMB350mn equity, the ROE is circa 280%, if the equity required is only RMB250mn, then the ROE would be as high as 390%. In my earlier discussion with you, you have suggested that we propose the equity injection to the future purchaser to be RMB500mn, making an ROE of 196%, while we can then enjoy the premium.



My present preference is that, if I could get equity for this project at a premium, I obviously would like to do so, and return the cash injection by the Partner to him in total.



I do not have to sell all of the 15% share in the project, and could sell some and keep some.



My question to you for our discussion tomorrow is that as we will only need as little as RMB21.0mn for this project, what should be our pricing and return to the potential purchaser of the 15%?



I hope I have made things clear to you, and if I have not, you can always call me to discuss and we can also talk tomorrow.



2. Terms of collaboration for the TID Concept

I will have discussion with Ping An on the TID concept at SZ tomorrow. AoYuan is also interested to further pursue the TID Concept with us. You have seen my ppt. What are the terms that you would advise me to propose to my TID Concept partner?



3. Cheever TID Fund

I am still keen to work on the Cheever TID Fund as support for my TID concept. If I can use the TID Fund as the TID S Co, that would be very desirable, both to the unit holders, the Fund and the GPs.



I look forward to have a good discussion with you tomorrow. Let me know the name of the restaurant. I think I know which one but could not remember the name.



Regards



David C Lee



HK mobile [phone]

PRC mobile [phone]



[e-mail]

結果 (英文) 2:

亲爱的艾伯特



当我们明天见面，我想和你讨论以下：



1。为狮山

项目；2。从合作的概念

3。契弗工贸署基金



1。为狮山工程

我的公司持有15%股份的合资公司与奥园是蝶翠诗房地产咨询有限公司（“公司”）。我有一个伙伴（“伙伴”）已同意收购公司90%的股份；虽然我有一个选择购买10%股后6个月内的伙伴。此外，伙伴也已同意支付的保险费rmb3mn到另一个公司归我，根据不同的合同。



第一个股票称为这个项目rmb110mn，和公司的股票16。Mn（110×15% = 16.5）。合作伙伴应支付rmb14.85（16.5×90% = 14.85）。此外，伙伴也应该支付我rmn3mn保费。



现状是伴有违约，只rmb12mn，而平衡是由我公司支付。



因为这个默认的，我没有转移的所有股份公司的股东，所以到今天，尽管该伙伴有助rmb12mn公司的股东，我剩下的100%。我的理由是我不确定是否将默认未来再次，当一个公平的调用，并因此举行了一切。



伙伴告诉我，他们已经解决公平问题，将遵循从原来的合资协议，即充分贡献的要求，加上优质的rmb3mn。伙伴也要求我们进行转让股份公司，和规范的情况。



总股本中提出了这一项目的规定为rmb350mn合营协议，奥园，并规定，如果，如果rmb350mn是不足够的，股东会使股东贷款来弥补差额。然而，我们的计划是公平的要求可能是只有人民币200mn，或最多250mn。伙伴不知道这种安排。



假设未来股权，rmb250mn，未来股权电话公司只会rmb21mn；而其他情况如下表所示

百万人民币


总股本的公司需要
15%
贡献已经由公司
额外的现金注入的二氧化碳

1
200
30
16.5
13.5

2
250
37.5
16.5
21

3
300
45
16.5
28.5

4
350
52.5
16.5
36




在rmb350mn股权，鱼卵是大约280%的股权，如果仅需rmb250mn，然后，鱼卵会高达390%。我在前面的讨论与你，你的建议，我们提出的股权注入到未来的购买者是rmb500mn，使鱼卵196%，虽然我们可以享受保险费。



目前的偏好，如果我能得到这个项目的股权溢价，我明明想这么做，并返回注入现金的伙伴，他总。



我没有把所有的15%的项目，并可以出售一些与保持。



我问你的问题供我们讨论明天，我们只需要短短的rmb21.0mn对于这个项目，什么应该是我们的定价和退货的潜在购买者的15%？



我希望我做的事情告诉你，如果我没有，你可以随时打电话给我讨论，我们也可以说明天。2。这一概念方面的合作

我将讨论与平安的生活理念在深圳的明天。奥园也有兴趣进一步追求一概念与我们。你见过我的ppt。条款是什么，你会建议我提出我的生活理念的伴侣吗？3。契弗工贸署基金

我仍然渴望在奇弗工贸署基金支持我的生活理念。如果我可以使用的资金为整洁的，那将是非常可取的，双方的单位持有人，基金和全球定位系统。



我盼望有一个好的讨论与你的明天。让我知道这家餐馆的名字。我想我知道，但不记得名字。



作为



戴维李



香港移动6831-8332 / 6444-2839

中国移动1360-220-8332 / 1318-913-2839



davidclee @ davidclee。香港


COM。