Macau | Gov’t proposed solution on Pearl Horizon case “a complete rip-off” – Owners association head

Macau (MNA) – The recent solution presented by the Macau SAR Government to resolve the contentious Pearl Horizon case is a “mess,” the Chairman of the Pearl Horizon Condominium Owners United Association, Kou Meng Pok, told Macau News Agency (MNA).

“It’s a complete rip-off,” remarked the chairman. “We will not accept this offer because we purchased the flats legally according to the law.”

The Secretary for Administration and Justice, Sonia Chan Hon Fai, announced today that the government is planning to build a housing project for temporary accommodation on the land of the now defunct project and to reserve over 2,000 units for sale to Pearl Horizon buyers.

Kou stated that they would not accept the proposal if they are not able to obtain the flats as guaranteed in the original plans and contracts, even if buyers were able to have the paid stamp duty reimbursed.

“If the government won the lawsuit, then they could build the flat according to the original plan,” said Mr. Kou.

The chairman also told MNA that Polytec Asset Holding Ltd., the parent company of the developer of the Pearl Horizon residential project – Polytex Corporation Ltd. – would soon hold an internal meeting to address the matter, following the announcement by the city’s Court of Final Appeal (TUI) today that it has overruled the company’s appeal to recover its rights to develop the site after the government had voided the land concession.

Polytec, which is listed on the Hong Kong Stock Exchange, halted the trade of its shares earlier today at 1:00pm ’pending the release of an announcement relating to the inside information of the Company.’

 

[Edited by Sheyla Zandonai]