Kerry Properties and sister firm Shangri-La Asia have canceled an RMB7.3 billion ($1.1 billion) hotel and property project in northern China due to poor market conditions.
Kerry said the venture will pay RMB21 million or 0.3% of the total planned investment to Tangshan City Land Resources Transactions Centre, as a penalty for cancelling the purchase of the land use rights of the project sites in Hebei province’s Tangshan city.
Source: Reuters