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01278 CHINANEWTOWN
RTNominal up0.064 +0.002 (+3.226%)
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31/12/2019 16:55

China New Town (01278) unit gets reimbursement from govt

[ET Net News Agency, 31 December 2019] China New Town Development Company Limited
(01278) said its subsidiary Shanghai Golden Luodian Development Co., Limited (Jinluodian)
entered into a memorandum with the People's Government of Luodian Town, Baoshan District,
Shanghai, the PRC.
The local government has agreed to reimburse Jinluodian the fees of the demolition and
relocation works in the Eastern Zone in the total amount of RMB1.52 billion. The local
government has paid the first tranche of fund of RMB1 billion to Jinluodian in 2019.
The memorandum stipulated that the local government shall pay the second tranche of fund
of RMB522.58 million before 30 September 2020 into the designated account of Jinluodian.
(RC)

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