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Lotus Pharmaceuticals Provides Inner Mongolia Land Price Guidance from Cha You Qian Qi Government
Date:1/27/2011

BEIJING, Jan. 27, 2011 /PRNewswire-Asia/ -- Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUSD) ("Lotus" or the "Company"), a fast-growing, profitable developer, manufacturer and seller of medicine and drugs in the People's Republic of China ("PRC"), announced today that in response to recent investor interest, the Company has obtained land price guidance from the Cha You Qian Qi local government and wishes to provide additional details regarding its 2008 purchase of land assets in Inner Mongolia.

The land purchase was entered into by Liang Fang, the Company's subsidiary, with both Cha You Qian Qi ("Cha You") local government and Mengxin Vegetable Product Company ("Mengxin"), a private company and the prior owner of the land use rights. With the permission of Cha You local government, Liang Fang was granted the land use right of the 1,000 mu (approximately 666,700 square meters) from Mengxin, and the payment of RMB 223.66 million ($32.7 million) was paid to Mengxin.

Officials from the Cha You Qian Qi Land Reserve and Trade Center, a subsidiary of Cha You Qian Qi Land and Resource Bureau, have confirmed that the land has been designated for multi-purpose use and has presented the Company with price guidance for the land and surrounding area. The guidance indicates that as multiple-use land, the market value of the property is approximately RMB 400,000-600,000 per mu (RMB 600-900 per square meter). Property values in the area surrounding the land vary by about RMB 100,000 per mu (RMB 150 per square meter) from this range.

Dr. Zhongyi Liu, Chairman and CEO of Lotus, stated, "We spent approximately RMB 270 per square meter for this land tract in 2008. Since the purchase, we have made additional investments of approximately RMB 126 per square meter on road construction, water supply, electricity, and sewage, as well as relocation compensation, bringing the total cost of the land to approximately RMB 396 per square meter. Given current local ma
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SOURCE Lotus Pharmaceuticals, Inc.
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