Date: 2013-07-31

LYC Assets Management Co., Ltd Founded in April

The meeting for the establishment of Luoyang LYC Assets Management Co., Ltd was successfully held on April 3, which indicated that the extensively attentioned LYC bankruptcy & reorganization entered another key step.

This newly founded company is said to be a wholly owned subsidiary of the Municipal State-owned Assets Company, mainly responsible for the management of the assets of this company in LYC.

According to the requirements of State-owned Assets Supervision and Administration Commission of Luoyang Municipal Government, the Municipal State-owned Assets Company will hand over the management rights of related seven companies & their holding assets of LYC Property Company and LYC Real Estate Company to LYC Assets Management Co., Ltd for the management with full responsibility.

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