REAL ESTATE NEWS
LET Group Holdings is withdrawing from a large resort development that was planned for Kutchan Town.
LET Group Holdings, the successor company to Suncity Group, announced the withdrawal on 30 May, the same day it also announced the sale of a separate 22ha site in Hirafu.
Suncity Group’s former boss, Alvin Chau, was sentenced to 18 years in jail in January on charges of criminal association, illicit gambling and fraud.
The Hokkaido Shimbun Newspaper reports that according to LET the agreement for the sale was signed on April 28 of this year, and the sale price was $27 million (approx ¥3.8 billion).
Chau was allegedly Macau’s largest casino junket operator and conducted his criminal business activities with Suncity Group senior executives.
Chau’s arrest in November 2021 was a sign of Beijing’s continued crackdown on illicit activities in Macau.
LET Group said that for the time being it intends to continue selling assets, a sign of financial duress.
The cancelled LET Group development in Kutchan was planned to have a hotel, townhouses and more than 50 villas.
Sources
Hokkaido Shimbun – 31 May 2023
The Sydney Morning Herald – 18 January 2023
Nikkei Asia – 2 September 2022
Article thumbnail image of Hong Kong Benh LIEU SONG
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