ABSTRACT
On March 25, 2001, Party A and Party B signed a housing sales agreement (the “Agreement”), which stipulates that
Party A shall sell her housing ABC (‘Housing ABC’) to Party B, and the first payment of RMB 80,000 shall be made on the day of signing the Agreement and the rest payment of RMB 20,000 shall be made after the property ownership certificate of the housing is issued and the transfer of the ownership is registered. After the Agreement is signed, the ownership of the housing will be vested in B. . . . The Agreement shall take effect once signed.
After Party B became the legal representative of Company XYZ, he assigned his rights of Housing ABC to Company XYZ, and Housing ABC became a property owned by Company XYZ.