Century Ginwa Retail Holdings Limited (HK:0162) has released an update.
Century Ginwa Retail Holdings Limited has filed a civil complaint against a subsidiary of the Vendor for failing to deliver a property by the agreed deadline of December 31, 2022, demanding a default penalty of RMB368.808 million and litigation costs. Despite the delay, the company is adjusting its operations to focus on the ‘Century Ginwa Tiandi’ shopping mall project and improving other ongoing projects, believing the litigation will not significantly impact their financial standings. Shareholders and potential investors are advised to exercise caution when dealing in the company’s shares.
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