Melco International Development (HKG:0200) initiated an arbitration process to seek compensation from Agile Group (HKG:3383) and other parties over a terminated contract for land development in China.
The arbitration request against Agile, its units Zhongshan Agile Majestic Garden Real Estate and Zhongshan Yachen Business Management, and Zhongshan Melco Yachuang Real Estate Development, has been accepted by the China International Economic and Trade Arbitration Commission and is pending a hearing.
In June 2021, Zhongshan Melco Yachuang Real Estate Development placed a winning bid for land use rights on a site in China. The parties intended to develop the land jointly.
The company, however, terminated the agreement in July 2022 after Zhongshan Melco Yachuang Real Estate failed to meet certain provisions in the contract, a Feb. 28 filing said.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。