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Guangzhou R&F unit ordered to pay 22M yuan to partner for contract withdrawal

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Guangzhou R&F unit ordered to pay 22M yuan to partner for contract withdrawal

Guangzhou R&F Properties Co. Ltd. unit Taiyuan R&F Properties Development Co. Ltd. will have to compensate Shanxi Fengyun Reli Co. Ltd. 22.0 million yuan for withdrawing from a contract deal that the pair entered Nov. 8, 2010.

The compensation decision came as a result of a ruling by the Taiyuan Arbitration Commission, which decided that Taiyuan R&F had to compensate Shanxi Fengyun for fees and losses that the latter incurred as a result of the contract being abandoned.

According to a company release, Guangzhou R&F said the arbitration commission had decreed that Taiyuan R&F's withdrawal from the agreement was a result of governmental policy adjustment and did not constitute a breach by either involved party.

As of Nov. 21, US$1 was equivalent to 6.63 yuan.