Carnival Group International Holdings Limited cancelled the acquisition of parcel of land at Laoshan District, Qingdao City.
In the event that the formal agreement is entered into by Carnival Group and the seller prior to the relevant period, the deposit shall form part of consideration and will be partly set off by deducting the deposit; if the consideration as stipulated in the formal agreement does not comprise any cash portion, the seller shall, within 5 business days after entering into the formal agreement, refund the deposit to Carnival Group; if the cash portion comprised in the consideration as stipulated in the formal agreement is less than the deposit, the seller shall, within 5 business days after entering into the formal agreement, pay to Carnival Group a sum which is equal to the difference between the deposit and the amount of cash portion comprised in such consideration.
Carnival Group International Holdings Limited (SEHK:996) signed an agreement to acquire parcel of land at Laoshan District, Qingdao City for CNY 450 million (approximately HKD 570 million) in December, 2014. Under the terms of the transaction, Carnival Group International Holdings paid the deposit of CNY 420 million (approximately HKD 530 million) and remaining will be paid at closing.
The transaction is subject to entering into a formal agreement, seller obtaining completion and validation of relevant organization if the transaction is carried out by equity purchase of holding company of the property, the grant of land use rights to the seller, satisfactory results of the due diligence investigation of the land by Carnival Group, and such other conditions as specified in the formal agreement. The currency conversions were done from www.oanda.com on December 31, 2014.
Carnival Group International Holdings Limited (SEHK:996) cancelled the acquisition of parcel of land at Laoshan District, Qingdao City on June 30, 2015.