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June 23, 2014
06:10 EDTCAASChina Automotive completes sale of idle land with gain of $5M in net income
China Automotive announced that it has received cash of $6.4M in June and expects to receive cash of approximately $1.9M in July from the Jingzhou Land Reserve Center, a local PRC government bureau. The receipt of this cash is for the sale of the company's idle land use rights in Jingzhou City, Hubei Province. This land rights sale resulted in an approximate gain of $5M in net income for the second quarter ending June 30. The gain is the difference between the selling price and the net book value of the related land use rights, after taxes and minority shareholder interest. This transaction completes the company's sale of idle land use rights in Jingzhou City, Hubei Province.
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