NEW CITY DEV (00456): Receives Arbitration Award

Stock News

Jan 19

NEW CITY DEV (00456) announced that on January 16, 2026, the Board received an arbitration award issued by the Huizhou Arbitration Commission. According to the award, the Company's subsidiaries, Fudi International Holdings Limited, Luoyang Wanheng Real Estate Co., Ltd., and Kayuan Enterprise Investment Co. Limited, as respondents, lost the case and are required to pay compensation of RMB 23.3398 million to Guangdong Changna Investment Development Co., Ltd. (an independent third party outside the Group, the applicant), along with arbitration costs of RMB 292,000. The award stems from a breach of contract related to a development cooperation contract entered into by the applicant and the respondents on August 10, 2023, in the ordinary course of the Group's business, which involved, among other things, a leasing arrangement for the China Guangzhou Changliu Industrial Park (owned by the Group). The Group is currently seeking legal advice regarding the award. A further announcement will be made when the Group takes subsequent steps in accordance with the Listing Rules. The Company believes the award will not have any significant adverse impact on the Group's overall existing business operations.

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Limited, as respondents, lost the case and are required to pay compensation of RMB 23.3398 million to Guangdong Changna Investment Development Co., Ltd. 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