First Sponsor unit inks supplemental agreement over Chengdu project payment

SINGAPORE - A unit of mainboard-listed First Sponsor, Chengdu Gaeronic Real Estate Co, has inked a supplemental agreement with Minyoun Industrial Group related to the proposed disposal of certain parts of Chengdu Cityspring, a mixed-used residential and commercial project.

Under the supplemental agreement, Minyoun Industrial will pay an amended first instalment of 116.5 million yuan (S$23.79 million) comprising of 50 million yuan - which was paid on July 11 - and around 66.5 million yuan to be paid before July 18, 2018.

The original instalment amout was 206.5 million yuan. A replacement deposit of 28.5 million yuan remains intact.

Chengdu Cityspring comprises six residential buildings, four commercial buildings and 1,272 basement car park lots. The sale involves one of the commercial buildings, a retail space and 318 basement car park lots.

First Sponsor's shares closed down 2.33 per cent on Wednesday (July 11) to S$1.26.