Lionhub : Lu'An Singapore Eco-Park – Notice of Termination
LionHub Group LimitedABN 29 119 999 441
Level 3A, Hyde Park Tower 148 Elizabeth Street Sydney NSW 2000
T:(61 2) 8281 3008
F:(61 2) 82813030www.lionhub.com.au
ASX Release (ASX Code: LHB)
9 January 2018
Lu’AnSingapore Eco-Park – Notice of Termination of Investment Agreement Received
LionHub Group Limited(“LionHub” –ASX Code: LHB) advises that it has received notice from theLu’AnDevelopment Zone Management Committee purporting to terminate theCompany’sInvestment Agreement with the Lu’an City People’s Government and its related entities in respect of theLu’anSingapore Eco-Park of which are located in Anhui Province, China.
As previously advised on 28 November 2017, the Company has experienced significant delays in finalising land approval issues within the master plan area in accordance with the terms of its development rights causing the Lu’an project to progress slower than expected. Nevertheless, the Company continues to believe that it is entitled to pursue development within the masterplan area.
The Company is seeking legal advice in respect of this matter and, subject to such advice, intends to pursue its legal rights and entitlements to the fullest extent realistically possible.
The Company will keep the market informed of material developments in this regard.
For further information:
Charles Lim, Chief Executive Officer + 612 8281 3008 or[email protected]
About LionHub Group Limited
LionHub Group Limited is a publicly listed real estate development company focusing on technology park development in China. TheCompany’sportfolio provides Australian investors with an early mover advantage in the mainland Chinese property sector.
LionHub enjoys the support of its major shareholder, the Lian Huat Group, with a 20 year history and extensive property interests across Singapore, Australia and China.
LionHub’sfocus is to provide an avenue for investors to exploit the potential offered by technology park developments in China, with theCompany’sfirst project being the Singapore Xuancheng Techno Park in Anhui Province. Following shareholder approval, in August 2015 the Company acquired a 100% working interest to develop the master plan and to construct and develop a second technology park on land known asLu’AnSingapore Eco-Park.
Anhui Province is located in central China, with a large population of 60 million in an area of 139,600 km2. It lies in the hinterland of Yangtze Delta, with great economic development potential. The province is set to benefit fromChina’songoing urbanisation of regional areas, with a current GDP per capita that is below the national level, and its proximity to the Shanghai, Zhejiang and Jiangsu growth belt as well as vast tourism and other resources such as transportation and a large population base.
Further information (including recent announcements and investor presentations) is available at theCompany’sweb site:www.lionhub.com.au
Lionhub Group Ltd. published this content on 09 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 08 January 2018 23:09:06 UTC.