Singapore-listed Chinese property developer Pan Hong said Thursday it will receive compensation for a delay in the handover of a land parcel that it bought.
The firm said it will receive 4 million yuan (about S$846,000) from authorities in China’s Fuzhou city due to the delay.
Pan Hong had bought the rights to the Fuzhou site in 2007 at a cost of 200 million yuan.
But an unspecified delay on the authorities’ part has led to Pan Hong getting the monetary compensation.
As part of the compensation, Pan Hong will also only be required to pay 60 per cent of the local levies.
That will result in cost savings of about 9.8 million yuan.
Source : Channel NewsAsia – 27 Aug 2009