Allgreen Properties is exiting its intended participation in investing in a commercial site in Nanjing, China.
In a regulatory filing with the Singapore Exchange, Allgreen said that in light of the current economic climate, it had on March 16, 2009 entered into a conditional deed with Shangri-La Asia and Kerry Properties Ltd (its joint venture partners for the Nanjing site) to novate all of Allgreen's rights, title, interests, liabilities, duties and obligations under the master joint venture agreement to Shangri-La Asia in consideration for the payment by Shangri-La Asia to Allgreen of HK$5.2 million (about S$1 million).
This amount is equivalent to the deposit contributed thus far by Allgreen for the successful bid for the Nanjing site. The novation is conditional on approvals from the relevant China authorities, among other parties.
Source: Business Times
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