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Suncity wants its money back

Suncity Group Holdings is still trying to retrieve about RMB315.26 million paid out under two memorandums of understanding involving two property development projects, according to the group’s filing with the Hong Kong Stock Exchange. The agreements were both signed in December 2011 and relate to a HK$200 million property investment in Anhui Province and a […]

Suncity Group Holdings is still trying to retrieve about RMB315.26 million paid out under two memorandums of understanding involving two property development projects, according to the group’s filing with the Hong Kong Stock Exchange. The agreements were both signed in December 2011 and relate to a HK$200 million property investment in Anhui Province and a RMB150 million property investment in Jiangsu Province, with the group having ‘notified vendors about the termination of the MOUs’ and demanding the refund.
Some RMB95 million of the RMB150 million has been refunded on one of the properties and of the HK$200 million ‘half’ is expected to be refunded ‘by the end of July 2017’ with the remainder ‘by the end of this year,’ the filing declares.

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