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Chinese court dismisses legal claim against China Jishan: board

THE board of China Jishan Holdings and its legal advisers are reviewing a first-instance judgment from a Chinese court, over a legal claim and counter-claim involving a wholly-owned unit, it said on Thursday.

Zhejiang Jishan Printing and Dyeing (Jishan P&D) will repay Shanghai Jintumu Real Estate an upfront deposit of 80 million yuan (S$15.9 million) and 24 per cent annual interest, over a terminated conditional share transfer agreement from 2016, said the board.

But it added that the Higher People's Court of Zhejiang Province has dismissed the claim by Shanghai Jintumu Real Estate, which had set out to buy Shao Xing Yue Sheng Real Estate Property Development.

Shanghai Jintumu Real Estate was ordered to pay the costs and disbursements of its legal claim, to the tune of 5.96 million yuan, as well as 5,000 yuan in property-related application fees.

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Meanwhile, Jishan P&D is to cover the costs and disbursements of the counter-claim or 220,900 yuan.

China Jishan Holdings' board added that, under the judgment, either party has the right to file an appeal within 15 days. It said that it would make any follow-up announcements if needed.