A $27.6 million deal to sell a portion of land in Hokkaido, Japan, has been terminated, according to LET Group Holdings Ltd., an investor in Asia-Pacific casino projects listed on the Hong Kong stock exchange. The explanation was cited as the buyer’s inability to pay the $22.6 million outstanding on the purchase price by October 31, 2023.
When the original bidder transferred its rights and responsibilities to St Moritz Group Inc. in July, the agreement that LET had originally agreed to sell the Hokkaido land tract to was changed. The 220,194-square-meter tract of land is close to Mount Yotei, one of Hokkaido’s most popular locations for outdoor activities and skiing. On the land, LET intended to construct a non-gaming ski resort with 20 townhouses, 50 villas, and a hotel with more than 40 rooms.
The $5 million deposit has been forfeited by the LET unit overseeing the sale, which has terminated the agreement. All obligations have been discharged from the seller, and any mortgages held by the buyer on the property have been canceled.
LET has been implementing a cost-cutting plan that involves selling off non-core assets. The net proceeds from the Hokkaido land acquisition were allocated for general operating capital, business growth, and debt reduction, following previous records.
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Original article by: GGRAsia
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