The Board of Directors of 8Telecom International Holdings Co. Ltd. (“the Company”) wishes
to announce that its wholly-owned subsidiary, Hangzhou Adison Industry Co., Ltd (
安迪信实业有限公司杭州八方
) (collectively referred as “the Group”), has entered into a sale and
purchase agreement to sell 5,363.7sqm of office space in its property development, Linping
Times Square, to China Mobile Group Zhejiang Co., Ltd. Hangzhou Branch (
团浙江有限公司杭州分公司中国移动通信集
) for an aggregate consideration of RMB60.3million.
Linping Times Square is a high-end commercial office building in Linping district, Hangzhou
city, with a gross floor area of 47,000sqm. The Group has received strong response from the
market since the office building was completed in September 2009 and is confident of
progressive sales from this project.
The above transaction is expected to contribute positively to the Group’s earnings per share
and net tangible asset for the financial year ending 31 December 2009 (“FY2009”). None of
the directors or substantial shareholders of the Company has any interest, direct or indirect,
in the aforesaid transaction.