trending Market Intelligence /marketintelligence/en/news-insights/trending/48eI6KxfpPAUE7N4AQHRhg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

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

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


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.