China International unit pays settlement to avoid dispute

Singapore

CHINA International Holdings had agreed to enter into a settlement agreement of 105 million yuan (S$21.6 million) despite believing that the claim is "baseless and unmerited", so as to avoid a protracted dispute with the municipal and district governments in China.

It said this late last Friday night, in response to an exchange query over a settlement agreement that its 50 per cent owned associate Yichang Xinshougang Property Development Limited (XSG) had recently entered into, with Yiling District Urban Infrastructure Investment Company (YDUIIC).