Easyhome New Retail Group (SHE:000785) said a controlling shareholder's subsidiary agreed to terminate a cooperation agreement with Home Furnishing Chain's unit, Beijing JuRan Home Commercial Property, according to a Shenzhen Stock Exchange filing on Thursday.
Urumqi JuRan Wohua Real Estate Development, the subsidiary of Easyhome New Retail's parent, ended the deal, which included the 1.59 billion yuan construction of a shopping center with home furnishing in Shuimogou District, Urumqi, China.
The termination was decided as the project will be turned into a self-owned commercial property in the later stage and will not be sold to the outside market.
JuRan Wohua Real Estate already received 955 million yuan in construction fees for what has been finished, while 636 million yuan still remained unpaid, the Chinese department store chain said.
Easyhome New Retail's shares dropped over 3% in recent trade.
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