Macau | Polytex should pay Pearl Horizon buyers, or may face ‘other actions’ – Gov’t

On Tuesday, the Macau SAR Government urged Polytex Corporation Ltd., the developer of defunct residential complex Pearl Horizon, ‘to comply with the spirit of the contract and legal and social responsibilities'

Macau (MNA) – On Tuesday, the Macau SAR Government urged Polytex Corporation Ltd., the developer of defunct residential complex Pearl Horizon, ‘to comply with the spirit of the contract and legal and social responsibilities,’ recommending the company compensate homebuyers ‘as soon as possible.’

In a statement released today by the Office if the Government Spokesperson, the government stated that it ‘does not exclude the possibility of taking other actions’ if the company assumes a negative attitude and damages the interests of buyers.

The statement did not clarify what ‘other actions’ the government could apply.

The government stressed that the company should assume ‘legal responsibilities’ due to its failure to perform contractual obligations, and thus the impossibility of honouring promissory sale and purchase agreements, recommending it proceeds to compensating buyers.

On May 23, the company lost its final appeal to overturn the government’s decision of declaring null its land concession contract for the land plot in Areia Preta district, in the north of the Macau Peninsula, where it should have built the residential complex.

The company is currently facing legal action from some twenty Pearl Horizon homebuyers.

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