LET Group subsidiary sells asset for $2.8 million

The LET Group Holdings Ltd company in Hong Kong is selling a 100% share in Target Company for RMB20 million ($2.8 million). AGB investigations showed that Alvin Chau’s real estate deals in mainland China involved the Target Company.

LET Group, which used to be called Suncity Group, bought the Target Company in 2020 for RMB25.6 million ($3.5 million) when the owner couldn’t pay back Alvin Chau.

Due to the sale, the company expects to lose about HK$1.5 million ($190,000) before taxes. Even so, the Board sees the deal as a way to make its investment in the Target Company work.

Target Corporation has been losing money since May 2022, and there is a lot of competition between brick-and-mortar shops and online sites. Because the business is still losing money and there is a lot of competition online, LET Group decided to sell it instead of putting more money into it.

LET Group is mostly involved in building and running the Main Hotel Casino in the Philippines through Suntrust Resort Holdings, Inc. The Main Hotel and Casino in Malina is set to open in the year 2024. The Board thinks that the terms of the Sale Purchase Agreement are fair, reasonable, and in the best interests of the Company and its investors.

Original story by: Asia Gaming Brief