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Future Bright Holdings Limited
佳 景 集 團 有 限 公 司*
(Incorporated in Bermuda with limited liability)
(Stock Code: 703)
UPDATE OF THE GROUP
ON ITS HENGQIN ISLAND DEVELOPMENT PROJECT
This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).
The board ("Board") of directors of Future Bright Holdings Limited ("Company" and together with its subsidiaries "Group") wishes to inform the shareholders of the Company and potential investors that on 4 September 2019, a wholly owned subsidiary of the Group (佳景美食廣場項目發展有限公司) ("FBHQ") has received a reply letter from Hengqin Island Land Authority (橫琴新區管理委員會規劃國土局) informing that (i) Hengqin Island Land Authority does not support the application of 18 June 2019 ("Application") of FBHQ for the partial change of land use right of its development project land ("Hengqin Land") in Hengqin Island to include servicing apartments and/or residential use and its related building milestone extension, since the permitted land use right of the Hengqin Land is for commercial use, not for residential use; (ii) FBHQ has seemingly stopped its construction works and might possibly be in breach of the relevant land acquisition contract of 12 January 2015 ("Land Contract") with FBHQ; and (iii) FBHQ may face a daily penalty of some RMB0.628 million for any delay to meet any development milestone without good justifications, where any delay due to force majeure or government reasons are considered as good justifications under the Land Contract.
Management has in last August held meetings with representatives of Hengqin Island Land Authority to discuss the Application, during which management has been given to understand that a partial change of the land use right of the Hengqin Land to include commercial servicing apartments falls within the permitted land use right for commercial use. Management is now revising its Application to Hengqin Island Land Authority again seeking for its support for a partial change of the land use right of the Hengqin Land to include commercial servicing apartments without any residential use, and its related building milestone extension under the Land Contract.
- For identification purpose only
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Shareholders and potential investors of the Company should exercise caution when dealing in the shares of the Company.
This announcement is made by the Company pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).
The Board wishes to inform the shareholders of the Company and potential investors that on 4 September 2019, FBHQ has received a reply letter from Hengqin Island Land Authority (橫琴新區管理委員會規劃國土局) informing that (i) Hengqin Island Land Authority does not support the Application submitted by FBHQ for the partial change of land use right of its Hengqin Land to include servicing apartments and/or residential use and its related building milestone extension, since the permitted land use right of the Hengqin Land is for commercial use, not for residential use; (ii) FBHQ has seemingly stopped its construction works and might possibly be in breach of the Land Contract; and (iii) FBHQ may face a daily penalty of some RMB0.628 million for any delay to meet any development milestone without good justifications, where any delay due to force majeure or government reasons are considered as good justifications under the Land Contract.
Management has in last August held meetings with representatives of Hengqin Island Land Authority to discuss the Application, during which management has been given to understand that a partial change of the land use right of the Hengqin Land to include commercial servicing apartments falls within the permitted land use right for commercial use. Management is now revising its Application to Hengqin Island Land Authority again seeking for its support for a partial change of the land use right of the Hengqin Land to include commercial servicing apartments without any residential use, and its related building milestone extension under the Land Contract. Further update on the progress of this matter will be made in due course.
Shareholders and potential investors of the Company should exercise caution when dealing in the shares of the Company.
By order of the Board of
Future Bright Holdings Limited
Chan Chak Mo
Managing Director
Hong Kong, 4 September 2019
As at the date hereof, the members of the board of directors of the Company comprise (i) Mr. Chan Chak Mo, the managing Director, (ii) Mr. Chan See Kit, Johnny, the Chairman and executive Director, (iii) Mr. Lai King Hung, the deputy Chairman and executive Director,
- Ms. Leong In Ian, the executive Director and (v) Mr. Cheung Hon Kit, Mr. Yu Kam Yuen, Lincoln and Mr. Chan Pak Cheong Afonso, the independent non-executive Directors.
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