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New City Development Group Limited ( (HK:0456) ) has issued an announcement.
New City Development Group Limited has disclosed that three of its subsidiaries — Fudi International Holdings Limited, Luoyang Wanheng Real Estate Company Limited and Kayuan Enterprise Investment Co. Limited — have been ordered by the Huizhou Arbitration Commission to pay approximately RMB23.34 million in damages and RMB0.29 million in arbitration costs to Guangdong Changna Investment Development Company Limited, following a breach of a development and cooperation agreement linked to rental arrangements at the Group-owned Changliu Industrial Park in Guangzhou. The company is seeking legal advice on the award and plans further actions in line with listing requirements, while emphasizing that the financial impact is not expected to be materially adverse to its current operations, though it has urged shareholders and potential investors to exercise caution when trading its shares.
The most recent analyst rating on (HK:0456) stock is a Sell with a HK$0.50 price target. To see the full list of analyst forecasts on New City Development Group Limited stock, see the HK:0456 Stock Forecast page.
More about New City Development Group Limited
New City Development Group Limited is a Hong Kong–listed company incorporated in the Cayman Islands, operating through subsidiaries in mainland China. Its business includes property-related activities, such as ownership and rental of industrial park assets including Changliu Industrial Park in Guangzhou, conducted in the ordinary course of its real estate and development operations.
Average Trading Volume: 76,941
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$89.56M
See more insights into 0456 stock on TipRanks’ Stock Analysis page.