NEW CITY DEV must compensate tenants 180 million RMB for government land acquisition
NEW CITY DEV (00456.HK) announced that its subsidiary Guangdong Changliu Investment's investment property "Changliu Industrial Park" located at No. 20-22 Chigang West Road, Haizhu District, Guangzhou, was included in the unified public welfare land acquisition scope by the government early last year, resulting in the forced termination of the lease agreement with the main tenant Guangdong Changna Investment Development. As a result, both parties have reached a settlement agreement, and Guangzhou Changliu must compensate Guangdong Changna and its partners RMB 180 million
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