Suncity Group Holdings Ltd is to receive a cash payment of circa CNY155.3 million (nearly US$24.03 million) for disposal of a loss-making mainland China property development and leasing firm with interests in Guangdong province.
A Sunday filing by Hong Kong-listed Suncity Group Holdings – a firm led by Alvin Chau Cheok Wa, who also leads privately-held Macau casino junket brand Suncity Group – said the deal agreed in principle that day, was for the entire issued share capital of Access Achievement Ltd, a British Virgin Islands firm wholly-owned by the listco.
The disposal group recorded unaudited consolidated net liabilities of approximately CNY845.57 million as of December 31.
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The Philippines’ Securities and Exchange Commission (SEC) has certified the incorporation of a subsidiary of Suntrust Home Developers Inc that will handle the group’s hotel and other tourism-related businesses in that country’s capital, Manila.
The subsidiary is called Suncity WC Hotel Inc, according to a Wednesday filing from Philippine-listed Suntrust. Suncity WC Hotel will be responsible for “operating, managing, and/or maintaining hotels, health and wellness shops, cinema, car parks, entertainment centers, amusement centers and other tourism-related facilities,” said the parent company.
Suntrust is involved in the development of a casino hotel scheme (pictured in artist rendering) at the Westside City Project, located at Entertainment City in Manila. Suntrust is a company controlled by Hong Kong-listed Suncity Group Holdings, the latter controlled by Macau junket boss Alvin Chau Cheok Wa.