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China International's associate to settle 105m yuan claim
AN associate of China International Holdings will pay a lump sum in excess of 105 million yuan (S$21.4 million) by year-end to settle a claim filed with Yichang City Intermediate Court in China.
The 50-per-cent-owned associate, Yichang Xinshougang Property Development (XSG) has entered into a settlement agreement with Yiling District Urban Infrastructure Investment Company (YDUIIC). YDUIIC had claimed for a repayment of an alleged loan of 105 million yuan and accrued interest of about 52 million yuan against XSG.
The court-mediated settlement called on XSG to pay 105,325,500 yuan to YDUIIC.