Posted Feb 22, 2018, 2:35 AM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,840
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Hong Kong Lawsuit Filed Over CCCC Brickell Towers Delay
Quote:
A partner in Brickell’s $875 million CCCC Towers is suing the majority owner for failing to move forward with development.
Asia Allied Infrastructure Holdings Limited said they were taking legal action in a Hong Kong court. The company owns a 45% stake, purchased in 2015 for $40.5 million (Asia Allied was then known as Chun Wo).
According to Asia Allied, no development progress has been made since their stake was purchased. Majority partner China City Construction Group also failed to answer repeated requests for information on how the development would be financed (China City has been struggling with liquidity issues).
Twin towers were planned, reaching a height of 1,069 feet – taller than any other building in Miami, and above the Federal Aviation Administration height limit. It was to include residential condos, hotel, office and retail.
Asia Allied shares trade on the Hong Kong Stock Exchange.
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NXT
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