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YuuZoo and Harbin mayor agree on definitive timetable for Nordic Sport Town real estate project
SOCIAL media company YuuZoo Networks Group on Tuesday said after trading hours that it has agreed with the mayor of Harbin, China on a definitive timetable for the Nordic Sport Town real estate project to start on May 1, 2020.
Under the earlier signed framework agreement, YuuZoo will plan and manage the development of 85 hectares of river-fronting land. According to the company, the land is located on a “prime upmarket new development area” earmarked by the local Harbin government for high-end residential, commercial, tourism, education and sports developments.
The master plan for the project, created by YuuZoo in cooperation with Sweco, a Scandinavian real estate planning firm, includes residential properties, hotels, a multipurpose sport arena, commercial real estate, educational facilities, tourism projects and other developments by the river. Once completed, YuuZoo will run all e-commerce, eSports, eServices and ePayments activities in the area.
YuuZoo said that the trading ban by the Singapore Exchange has resulted in the company facing “major challenges in moving forward with the massive project”, but added that it has managed to raise funds to go ahead.
The company said that the joint venture formed in Harbin with local partners has given it the required local support and knowhow for the development of the Nordic Sport Town.
The Business Times reported in May that several former employees of YuuZooNow! Pte Ltd in Singapore have made claims against the company for unpaid salaries.
YuuZooNow! is an indirect wholly owned subsidiary of YuuZoo Networks Group (formerly known as YuuZoo Corporation).
In March this year, YuuZoo closed all its Singapore-based subsidiaries and terminated all its Singapore-based employees as a direct consequence of its trading suspension.
YuuZoo's shares have been suspended since March 2018. Its auditor at the time, RT LLP, said a disclaimer had been issued to YuuZoo, in response to questions posed by the SGX because the auditor had been "unable to form an opinion due to limitation of scope". The company added that the SGX had also refused to accept its response, and asked the Commercial Affairs Department to investigate the company.