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.
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