Sale of LET Group China mall ops now complete

The sale of LET Group Holdings Ltd.’s mainland China mall operation in Zhejiang province is now complete, the Hong Kong-listed investor in many Asian casino projects stated recently.

The acquisition was consummated the day before, and on Thursday, LET Group reported the transaction in a filing.

The buyer, Xinguang Yuancheng Stock Co Ltd, had agreed to pay CNY20 million (US$2.7 million) to purchase the whole stock of Dongyang Xinguang Pacific Industrial Co Ltd, according to the previous statement made by LET Group on September 21.

Since May 2022, the Zhejiang mall management company has struggled financially as a result of intense competition from internet sales platforms.

LET Group intends to avoid further financial infusions and refocus its energies on the growth of its current endeavors by selling this failing firm.

Suntrust Resort Holdings Inc., a Philippine Stock Exchange-listed business engaged in a casino hotel project in Manila that is scheduled to open for business in the fourth quarter of 2024, has LET Group as its indirect controller.

Furthermore, LET Group is in charge of Summit Ascent Holdings Ltd., a Hong Kong-listed company that owns the bulk of the Tigre de Cristal casino resort in the Russian Far East, which is close to Vladivostok.

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Original story by: GGRAsia