TIANJIN, China, Aug 28, 2019 (GLOBE NEWSWIRE) – MDJM LTD (Nasdaq: MDJH) (the “Company” or “MDJH”), an emerging and integrated real estate services company in China, today announced that the Company entered into a master real estate agency services contract (the “Contract”) with Taida Xincheng (Chengdu) Real Estate Co., Ltd. (“TDXC”), a real estate developer in Chengdu, Sichuan Province, China.
TDXC is currently developing a real estate project (the “Project”) in Chengdu. TDXC plans to develop 359 units of residential properties for sale, or approximately 45,005.91 square meters (484,439.58 square feet) in total.
Under the Agreement, TDXC agrees to authorize the Company to act as the sole lead real estate services agency for the Project. TDXC also undertakes to ensure the legality of the Project, to cooperate with the Company in its sales of the residential properties of the Project, to provide appropriate facilities such as a sales office, to evaluate and optimize the sales plan proposed by the Company, to confirm final sales plan and budget, and be responsible for overseeing implementation and other related activities. The Company agrees to be responsible for appointing and managing a sales and marketing team, planning and executing marketing, managing sales operations, complying with market regulations, optimization of communication channels and methods and other related tasks.
As part of the contract, TDXC agrees to pay the Company a primary performance-based real estate agency service fee.
Mr. Siping Xu, Chairman and CEO of the Company, said, “We are delighted to announce this service contract with an exceptional partner, TDXC, as we expand our business in Chengdu. Based on current market prices, we estimate that our sales associated with the project will amount to 580 million RMB, generating service fee of 10-23 million RMB for our company, although the actual future income may be different from our estimate due to market conditions. We look forward to continuing our collaboration with TDXC as we strive to provide premium real estate services in Chengdu. “
About MDJM LTD
Based in Tianjin, China, MDJH is an emerging and integrated real estate services company in China. The Company provides primary real estate agency services to real estate developers. These services include integrated marketing planning, advertising planning and strategy. The Company also provides independent real estate consulting and training services as required. Currently, the company’s main market is Tianjin Autonomous Municipality, and since 2014, the company has expanded its market presence to other Chinese cities, including Chengdu, Suzhou, and Yangzhou. Through two large development companies, Xishe and Xishe Xianglin, coupled with its existing core business, MDJH promotes the integration of urban and rural lifestyles. For more information about the Company, please visit: ir.mdjhchina.com.
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections regarding future events and financial trends which, in the opinion of the Company, could affect its financial condition, results of operations and strategy. business and financial needs. Investors may identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, ” plan ”,“ believe ”,“ potential ”,“ continue ”,“ is / are likely to ”or other similar expressions. The Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as required by law. While the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot guarantee that such expectations will prove to be correct, and the Company cautions investors that actual results may differ materially from anticipated results and encourages investors to review other factors that may affect its future results in the Company’s annual report on Form 20-F and in its other documents filed with the Securities and Exchange Commission.
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