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Claim against Mapletree Greater China Commercial Trust subsidiary dismissed

Tuesday, December 23, 2014 - 21:57
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THE management company of Mapletree Greater China Commercial Trust (MGCCT) said on Tuesday that the Beijing Higher People's Court has dismissed the claim filed against MGCCT subsidiary HK Gateway Plaza Co Ltd for the return of an alleged loan of 210 million yuan (S$45 million) plus interest of about 54.9 million yuan.

THE management company of Mapletree Greater China Commercial Trust (MGCCT) said on Tuesday that the Beijing Higher People's Court has dismissed the claim filed against MGCCT subsidiary HK Gateway Plaza Co Ltd for the return of an alleged loan of 210 million yuan (S$45 million) plus interest of about 54.9 million yuan.

MGCCT, a Singapore-listed real estate investment trust (Reit), owns Gateway Plaza in Beijing.

The claim was filed by Beijing Bestride, the original developer of Gateway Plaza. It was dismissed by the Higher Court in a judgment dated Dec 18 as being without merit.

This was the second time the litigation action was dismissed, the first being the ruling dated Dec 7, 2012.

Beijing Bestride has 15 days to file an appeal to the Supreme People's Court of China against the Dec 18 judgment.

The seller of Gateway Plaza, Mapletree India China Fund Ltd, has given an indemnity to MGCCT in relation to the litigation action.

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