China’s BBDC Selling Flooring Business

Shanghai, China, March 2, 2007--Shanghai Baosteel Business Development Co., Ltd. (BBDC), a wholly-owned subsidiary of China's largest steelmaker Baosteel Group, is putting its flooring business up for sale at the price of CNY 15 million on the Shanghai United Assets and Equity Exchange, according to SinoCast.

BBDC stressed that the buyer should pay CNY 1.5 million to SUAEE as deposits. The assets to be sold include current assets, fixed assets and intangible assets.

An evaluation report shows that the value of those assets is CNY 13.80781728 million, including CNY 3.35287287 million in recall debt, CNY 6.53628206 millions in stock, CNY 2.34896235 million in fixed assets and CNY1.569700 million in intangible assets.

The face value of those assets is CNY 16.28654003 million, of which recall debt is CNY 5.83670343 million, stock is CNY 7.66559166, and fixed assets is CNY 2.78424494 million.