Tiong Seng (SGX:BFI) mutually agreed with the Tianjin Municipal Bureau of Planning and Natural Resources to terminate land use rights on state-owned land and buildings in Tianjin, China.
The termination was carried out through subsidiary, Tianjin Zizhulin Development, according to a filing with the Singapore Exchange on Wednesday.
Under the terms, the subsidiary is due a total compensation of 185.4 million yuan, of which 20 million yuan has already been paid.
Shares of the property developer surged nearly 17% in recent trading.
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