Commercial real estate company Xinjiang Youhao (Group) Co. Ltd. plans to lodge an appeal over a contract dispute case court ruling.
A real estate developer based in Xinjiang, China, had taken the company to court over the dispute, which resulted in a ruling that Xinjiang Youhao would have to pay approximately 14.0 million yuan in rent to the plaintiff. The defendant was also ordered to top up the rental payment with 905,100 yuan in late liquidation charges, as well as to foot the plaintiff's legal bills.
Prior to the latest ruling, Xinjiang Youhao had filed a counterclaim with the court over the lawsuit, but this was also rejected. The legal fees to be borne by the defendant will include the counterclaim suit charges, according to a filing.
As of Feb. 26, US$1 was equivalent to 6.31 yuan.