Macau | Court cancels seizure of Polytex assets

The Court of First Instance (TJB) has ordered to cancel all asset seizures of property developer Polytex Corporation Ltd

Macau (MNA) – The Court of First Instance (TJB) has cancelled the order to seize assets of property developer Polytex Corporation Ltd.

About 120 pre-sale buyers affected in the Pearl Horizon venture had sued the company due to its failure to build the development.

The Pearl Horizon estate was never built because the local government declared that the land concession contract for the land plot in Areia Preta district in the north of the Macau Peninsula had expired in 2015.

Polytex had appealed against the government decision, but the appeal was rejected by the Court of Second Instance in May 2018.

Buyers of the residential units demanded the return of the money invested in the acquisition of the dwellings and advanced last month with the precautionary procedure, fearing that the company could dissipate assets and avoid any liabilities.

The court-ordered seizure involved four storeys and 200 parking spaces owned by Polytex in another development, La Baie du Noble, according to local press reports.

After Polytex filed an appeal to the arrest, the court conceded.

According to information provided to Macau News Agency (MNA) by the law firm of Leonel Alves, who represents Polytex, TJB has concluded that “it is not possible to conclude that the company intends to dissipate its assets, and as such the court agrees to cancel and withdraw all previous asset seizures”.