New City Development Faces RMB23.6 Million Arbitration Award Over Guangzhou Industrial Park Dispute
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New City Development Group Limited (HK:0456) announced that three subsidiaries must pay RMB23.34 million in damages and RMB0.29 million in arbitration costs due to a breach of a development agreement related to the Changliu Industrial Park in Guangzhou. The company is seeking legal advice and plans further actions, but does not expect a significant financial impact on operations. Shareholders are advised to exercise caution. The latest analyst rating for the stock is a Sell with a price target of HK$0.50.
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