ITC Properties Group Limited (HK:0199) has released an update.
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ITC Properties Group Limited has announced that its subsidiary, Sanya Innovation, will receive a compensation of approximately HK$511 million from the Sanya Government for the resumption of land use rights in Hainan Province, China. The compensation is set to be paid in four tranches by the end of 2025. This decision comes as the land, which was acquired in 2013 for hotel development, has not yet been handed over to Sanya Innovation.
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