CPIL Canton Prop

    RNS Number : 2333H
  Canton Property Investment Limited
  31 October 2008
   

    Canton Property Investment Limited
    31 October 2008
      

    Canton Property Investment Limited
    ('the Company')

    Results of Land and Property Title Search and 
    Changes of interest of Director

    Following the announcement of 2nd October 2008, the Board of Canton Property Investment Limited (AIM: CPIL) has recently instructed its
Chinese legal advisers to undertake a land and property title search of its three property assets in Guangzhou in China: Comic City; Mall of
Canton and the Canton Finance Centre.  

    The results of the search have revealed that attachment orders ("Attachment Orders") have been registered on all three property assets
other than Basement Unit 201 of Comic City, which has the effect of preventing the Guangzhou Properties Records Centre from handling any
further registration relating to the change or transfer of title of these property assets. While the Attachment Orders are in place, the
Company is effectively unable to sell, transfer or mortgage the properties. The Attachment Orders were registered on 8 September 2008 by the
Guangzhou Properties Records Centre pursuant to a letter from the Economic Crime Investigation Unit of the Public Security Bureau of
Guangzhou City.  

    The search also reveals that, other than the mortgages on Basement Unit 101 and Basement Unit 202 of Comic City referred to the
Company's annual report for the year ended 31 December 2007, all the other units of Comic City, the Mall of Canton and the Canton Finance
Centre are free from any mortgages. 

    Under PRC law, the Guangzhou Properties Records Centre does not have the obligation to issue notification of the registration of the
Attachment Orders and the Board has no record of the registration by the Guangzhou Properties Records Centre. The Company is urgently
seeking advice on the legal implications and potential remedies.  

    Further to the announcement on 15 August 2008, it has also come to the Board's attention that Mr Keng Wong, Chairman of the Company, has
failed to complete the acquisition of 2,233,333 ordinary shares of no par value of the Company ("Ordinary Shares") pursuant to the put
option agreement.  Therefore, Mr Wong still holds (through his wholly owned subsidiaries) 200,902,247 Ordinary Shares representing 43.01% of
the issued ordinary share capital of the Company.   

    The Board is working hard with its professional advisers in order to clarify the position with respect to the Attachment Orders and
urgently seek a resolution. In addition, the Board continues to seek suitable replacements for the positions of Chairman and Chief Financial
Officer.

    Further announcements will be made in due course.
    


    FOR ENQUIRIES:

    Canton Property Investment Limited
    Charlie Lin, Chief Executive Officer                        Tel: +852 2219 9669

    Libertas Capital
    Jakob Kinde/Sandy Jamieson                               Tel: +44 20 7569 9650

    First City Financial Public Relations
    Allan Piper/Jiang Lei                                            Tel: +44 20 7242 2666



This information is provided by RNS
The company news service from the London Stock Exchange
 
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