{"id":777010792,"date":"2023-11-02T07:08:57","date_gmt":"2023-11-02T10:08:57","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777010792"},"modified":"2026-04-22T16:33:56","modified_gmt":"2026-04-22T19:33:56","slug":"let-group-terminates-hokkaido-land-sale","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/let-group-terminates-hokkaido-land-sale","title":{"rendered":"LET Group terminates Hokkaido land sale"},"content":{"rendered":"\n<p>LET Group Holdings says the buyer failed to make payment by the deadline.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Japan.-\u00a0LET Group Holdings, the controlling shareholder of\u00a0Suntrust Resort Holdings, has announced the termination of\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/let-group-amends-hokkaido-land-sale-deal\" target=\"_blank\">a US$27.6m land sale in Hokkaido<\/a> due to the buyer&#8217;s failure to pay a remaining US$22.6m by October 31.<\/p>\n\n\n\n<p>In a filing made on Wednesday (November 1), LET stated, &#8220;The buyer&#8217;s failure to purchase and acquire the property by 31 October 2023 constitutes an uncurable default under the sale and purchase agreement.&#8221;<\/p>\n\n\n\n<p>The 220,194-square-metre plot is situated near Mount Yotei, a popular skiing and outdoor activities location on Japan&#8217;s northernmost main island. LET initially intended to develop a non-gaming ski resort on the land, which would have featured 50 villas, 20 townhouses and a hotel with over 40 rooms.<\/p>\n\n\n\n<p>In the same filing, LET announced that its unit had given notice to terminate the sale and purchase agreement. As a result, the US$5m deposit has been forfeited and the seller has been released from all obligations. The company said all mortgages established over the property in favour of the buyer will be cancelled.<\/p>\n\n\n\n<p>Last month, the company concluded\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/let-group-sells-chinese-mall-business-at-a-loss\" target=\"_blank\">the sale of its mainland Chinese mall operator Dongyang Xinguang Pacific Industrial<\/a>\u00a0for RMB 20m (US$2.8m).\u00a0This decision, resulting in a financial loss, was seen as a necessary step to channel resources toward the development of existing ventures. The mall operator has been making a loss since May 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LET Group Holdings says the buyer failed to make payment by the deadline.<\/p>\n","protected":false},"author":176,"featured_media":9219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"LET Group Holdings has terminated a US$27.6m land sale in Hokkaido, Japan, due to the buyer's failure to remit the remaining US$22.6m payment, resulting in the forfeiture of a US$5m deposit. This strategic move follows the recent divestment of a loss-making mainland Chinese mall operator, signaling a focused reallocation of capital towards existing core ventures.","focusai_entities":"LET Group Holdings, Suntrust Resort Holdings, Dongyang Xinguang Pacific Industrial","focusai_location":"Hokkaido, Japan, China","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.7), investor_analyst (1.0), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Capital Reallocation Impact","query":"How will the US$5m deposit forfeiture and the RMB 20m mall divestment specifically re-prioritize capital allocation for LET Group's existing ventures, particularly Suntrust Resort Holdings' integrated resort development?"},{"label":"Future Asset Strategy","query":"What is LET Group's revised strategy for the Hokkaido land parcel, and how does this align with its broader asset optimization and non-gaming diversification objectives post-default?"}],"footnotes":""},"categories":[157,16338],"tags":[24197],"class_list":["post-777010792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-let-group-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777010792"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010792\/revisions"}],"predecessor-version":[{"id":777041033,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010792\/revisions\/777041033"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9219"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777010792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}