Gelonghui November 1st 丨LET GROUP (01383.HK) announced the sale of properties located in Yamada, Kutchan-cho, Abuta-gun, Hokkaido, Japan, with a total land area of 22,200 square meters and a purchase price of US$27.6 million (equivalent to about HK$216.7 million). The buyer failed to pay the purchase price balance of US$22.6 million (equivalent to HK$177.4 million) by October 31, 2023. The buyer's failure to purchase and acquire the property before October 31, 2023 constituted an uncorrectable breach of contract under the Sale and Sale Agreement (as amended and supplemented by the Revised Agreement and the Second Amendment Agreement).
On November 1, 2023, the seller notified the buyer to terminate the sales agreement (as amended and supplemented by the revised agreement and the second revised agreement) in accordance with the terms of the sales agreement (as amended and supplemented by the revised agreement and the second revised agreement). As a result, a deposit of a total amount of $5 million (equivalent to HK$39.25 million) has been forfeited in accordance with the terms of the sales agreement (as amended and supplemented by the amended agreement and the second revised agreement), and the seller has exempted any and all liabilities under the sale agreement (as amended and supplemented by the revised agreement and the second revised agreement) (excluding those that clearly state that the sale agreement remains in effect even after termination of the revised agreement and the second revised agreement). Furthermore, the seller will cancel any and all mortgages established on the property with the buyer as the beneficiary.