{"id":107435,"date":"2019-05-24T11:27:02","date_gmt":"2019-05-24T04:27:02","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-sponsor-extends-payment-deadline-for-chengdu-project-sale\/"},"modified":"2019-05-24T13:02:55","modified_gmt":"2019-05-24T06:02:55","slug":"first-sponsor-extends-payment-deadline-for-chengdu-project-sale","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-sponsor-extends-payment-deadline-for-chengdu-project-sale\/","title":{"rendered":"First Sponsor extends payment deadline for Chengdu project sale"},"content":{"rendered":"


\nFirst Sponsor Group\u2019s Chengdu Gaeronic Real Estate (CGRE) is allowing payment instalments for parts of its residential and commercial projects in China.\u00a0
\nFirst Sponsor Group\u2019s indirect fully-owned unit, Chengdu Gaeronic Real Estate (CGRE), allowed payment in instalments, extended the payment deadline and further amended other payment terms for the proposed sale of parts of Chengdu Cityspring, reported The Business Times.
\nCGRE is selling certain parts of the China mixed-use residential and commercial project to Minyoun Industrial Group, a Chengdu-based hotel, property and finance firm, for about 465 million yuan (S$92.5 million) in cash.
\nThree parties entered into the fifth supplemental agreement to the sale and purchase agreement \u2013 Minyoun Industrial, CGRE and Ningbo Meishan Bonded Port Area Nanshe Yachun Investment Management Partnershi, a joint venture vehicle wherein Minyoun Industrial holds a majority interest.
\nThe fifth supplemental agreement will see the buyer and\/or Ningbo Meishan paying 155.1 million yuan (S$30.8 million), which represents the outstanding amount of the consideration, as at 22 May, via monthly instalments of 10 million yuan to CGRE on the last business day of every month beginning May 2019.
\nThe buyer and\/or Ningbo Meishan will also pay liquidated damages at one percent each month on the outstanding amount for the period starting 28 May, to the date CGRE receives full payment of the remaining consideration. Failure to pay the liquidated damages by the fifth business day of every month will see them paying double the liquidated damages for such month.
\nTitle to certain portions of the property will be transferred by CGRE to the buyer and\/or Ningbo Meishan, with the consideration not exceeding the monthly instalment, following CGRE\u2019s receipt of each instalment.
\nTitle to the remaining parts of the property will be transferred by CGRE to the buyer and\/or Ningbo Meishan once the outstanding amount is fully paid.
\nUnder the third supplemental agreement, the buyer and\/or Ningbo Meishan would pay the entire outstanding amount of the consideration to CGRE by 27 May.
\nCGRE was also supposed to transfer the title to certain parts of the property after it received additional cash amounting to 20 million yuan.
\nFirst Sponsor noted that CGRE can terminate the SPA and forfeit the total deposit in the event the buyer and\/or Ningbo Meishan failed to pay the monthly instalment or liquidated damages on the due dates or breached any of the terms of the SPA for over 10 business days.
\nMeanwhile, the buyer and\/or Ningbo Meishan can also terminate the SPA, with CGRE returning the total deposit given to them in the event the latter failed to provide relevant documentation or breached the terms of the SPA for over 10 business days.
\nThinking of investing a property in China? See our listing pages here.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…First Sponsor extends payment deadline for Chengdu project sale<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

First Sponsor Group\u2019s Chengdu Gaeronic Real Estate (CGRE) is allowing payment instalments for parts of...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-107435","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-rWP","jetpack-related-posts":[{"id":117952,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/li-ka-shings-ck-asset-makes-us492-million-from-sale-of-chengdu-development-as-it-pulls-back-from-china\/","url_meta":{"origin":107435,"position":0},"title":"Li Ka-shing\u2019s CK Asset makes US$492 million from sale of Chengdu development as it pulls back from China","date":"July 24, 2020","format":false,"excerpt":"\r Li Ka-shing\u2019s CK Asset Holdings has sold a mixed residential and commercial project in Chengdu for US$1.02 billion, the latest mainland China asset disposal of the group.\r\rThe company said in an exchange filing late on Thursday that Chengdu Le Parc in the capital of southwestern Sichuan province was sold\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":65736,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sino-land-boosts-its-cash-with-sale-of-most-of-stake-in-chengdu-property-for-us1-34-billion\/","url_meta":{"origin":107435,"position":1},"title":"Sino Land boosts its cash with sale of most of stake in Chengdu property for US$1.34 billion","date":"September 7, 2017","format":false,"excerpt":"\r Sino Land has agreed to sell 80 per cent of its mixed property development in the western Chinese city of Chengdu to a Shenzhen-listed firm for HK$10.51 billion (US$1.34 billion), a sale that could help it make new acquisitions. 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The acquisition is part of the group\u2019s US$12.7 billion, 10-year plan to increase its presence in core markets.\r \r Source : South China Morning Post\r Read more...Swire Properties to buy China\u2019s top shopping\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97000,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-developer-sino-land-reports-99-9-per-cent-profit-jump-as-chengdu-property-sale-boosts-bottom-line\/","url_meta":{"origin":107435,"position":3},"title":"Hong Kong developer Sino Land reports 99.9 per cent profit jump, as Chengdu property sale boosts bottom line","date":"August 31, 2018","format":false,"excerpt":"\r Hong Kong developer Sino Land said on Thursday its underlying net profit for the first half of 2018 had nearly doubled to HK$11 billion (US$1.4 billion), boosted by the disposal of a property in Chengdu, even as property sales revenue declined. 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