Brief: Shanghai Industrial Urban Development Group Updates On Litigation About Disposal Of Stake In Hunan Qianshuiwan Xiangya Garden

Shanghai Industrial Urban Development

26/08/2020 12:08

Aug 26 (Reuters) - Shanghai Industrial Urban Development
Group Ltd  0563.HK :
    * SHANGHAI INDUSTRIAL URBAN DEVELOPMENT GROUP UPDATES ON
SETTLEMENT OF LITIGATION ABOUT DISPOSAL OF 67% STAKE IN HUNAN
QIANSHUIWAN XIANGYA GARDEN
    * ON 25 AUG, SUPREME PEOPLE'S COURT ISSUED A CONSENT
JUDGMENT IN
RESPECT OF DISPOSAL SETTLEMENT AGREEMENT
    * PURSUANT TO DISPOSAL CONSENT JUDGMENT, BUYERS TO PAY
OUTSTANDING
CONSIDERATION RMB435.9 MILLION
    * A SETTLEMENT EXECUTION GUARANTEE AGREEMENT WAS REACHED IN
RESPECT OF LAND DEVELOPMENT PROCEEDINGS
    * BUYER TO PROVIDE IRREVOCABLE JOINT LIABILITY GUARANTEE FOR
TARGET CO'S PAYMENT OBLIGATIONS TO SHANGDI
    * JOINT LIABILITY GUARANTEE FOR ABOUT RMB385.9 MILLION
    * SHANGHAI INDUSTRIAL URBAN DEVELOPMENT GROUP SEES PRE-TAX
GAIN OF
ABOUT RMB546.0 MILLION UPON COMPLETION OF TRANSFER

Source text for Eikon:  urn:newsml:reuters.com:*:nHKS7gyMmB
Further company coverage:  0563.HK 

 (Reuters.Briefs@thomsonreuters.com)