China International's Appeal Dismissed by Court in Land Rights Case; Shares Slump 34%

MT Newswires06-20

China International Holdings or CIHL (SGX:BEH) is exploring its legal options after its appeal against a lower court ruling was dismissed by the Yichang Intermediate Court, according to a Wednesday filing with the Singapore Exchange.

The litigation originated from a case initiated by Zhang Zhaowang against Yichang Zeyou Real Estate Development, involving allegations concerning certain properties' ownership and development rights.

CIHL's units, CIHL Tianjin City Development and Yichang Zhongjia Xinye Asset Management, were involved as third parties in these legal proceedings.

The company said that it had already made provisions for potential liabilities arising from this litigation, as reflected in its fiscal year 2023 financial statements.

The stock plunged over 34% in recent trade.

Price (SGD): S$0.06, Change: S$-0.03, Percent Change: -34.44%

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