Huatian Hotels announced to invest 30 million yuan to set up two subsidiaries.

In August 15, Huatian Hotels announced to invest 30 million yuan to set up two subsidiaries---Huatian property (Youxian County) limited liability company and Huatian hotel(Youxian County) management limited liability company. The registered capital of Huatian property (Youxian County) limited liability company is 20 million yuan. The company has subscribed 14 million yuan. Huatian Hotels paid in 6 million yuan and received a 30% equity stake in this new subsidiary. Huatian hotel(Youxian County) management limited liability company registered with 10 million yuan in capital. The company subscribed 7 million yuan and received a 70% equity stake. Huatian Hotels paid in 3 million yuan and received a 30% equity stake.