New City Development Faces RMB180 Million Payout After Guangzhou Land Acquisition
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New City Development Group Limited (HK:0456) announced a RMB180 million payout due to a government land acquisition affecting its properties in Guangzhou. The company will issue a one-year RMB-denominated note at 4% interest to manage this liability. The board is negotiating payment terms while cautioning shareholders about trading amid uncertainty. The latest analyst rating for the stock is a Sell with a target price of HK$0.50. New City Development operates in the real estate sector, managing investment properties in Mainland China.
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