Hong Kong-listed LET Group Holdings has disclosed that its $27.6 million deal to sell a property (plot of land) in Hokkaido, Japan, has been terminated.
According to a Wednesday filing, the buyer failed to pay the remaining balance of the purchase price of $22.6 million by October 31st, 2023.
‘The buyer’s failure to purchase and acquire the property by October 31, 2023, constitutes an incurable default under the Sale and Purchase Agreement,’ the group notes in the filing.
LET Group, formerly Suncity Group, has issued a notice to the buyer to terminate the deal. Accordingly, the deposit in the total sum of $5 million has been forfeited.
The company’s board notes that the termination of the deal ‘will not have any material adverse impact on the financial position and operations of the Group.’
The sale of the property in Japan underwent some changes before its termination. According to a filing in August, the sale of the land was transferred from the original owner, Nauticawt Energy, to a new buyer: St Moritz Group.
The 220,194 square meter property was set to sell for $27.6 million, with the original plans to house over 50 villas and townhouses and a 40-room hotel.
