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Starland Holdings unit receives repossession notice from Chongqing authorities
STARLAND Holdings said on Wednesday that its wholly-owned subsidiary Chongqing Gangyuan Property Development Co has received a repossession notice from the Fuling District local authority to repossess its 25,559.6 square metre parcel of land as a result of development plans by the local authority.
Located at Zone 5 Dianyi Residential Committee, Jiangbei Office, Fuling District, Chongqing, the repossession value of the land will be determined by the Fuling District local authority after they have obtained a third-party valuation. It has a book value of 8.9 million yuan (S$1.8 million) as at Dec 31, 2018.
The repossession will have no material impact on the operations of the group for the financial year ending Dec 31, 2019 as the group has not commenced any work on the land. The financial impact will be determined after the repossession value is finalised.