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LET Group encounters change over Hokkaido property sale

Hong Kong-listed LET Group encounters change over its Hokkaido deal, as the sale of land will transfer from Nauticawt Energy to a new buyer St Moritz Group. 

According to Monday’s filing, LET Group, formerly known as Suncity Group notes that original buyer and new buyer ‘entered into an assignment of heads of agreement, pursuant to which the original buyer assigned, transferred and delivered to the buyer all its contractual position, rights, title, obligations, and interest in, to and under the Heads of Agreement.’ 

The new buyer is a company incorporated in the British Virgin Islands with limited liability and is principally engaged in investment holding, and is wholly owned by Raymond Shao Leong Yap as a nominee of the ultimate beneficial owner of the original buyer.

The 220,194 square meter property is set to sell for $27 million, the plots were originally planned to house over 50 villas and townhouses and a 40-room hotel.

The filing also reveals that upon entering as g into the sale and purchase agreement, the new buyer paid a $1.7 million over the second installment.

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