Fullshare terminates Airlie, Mackay deals
FULLSHARE Holdings, the Chinese company that owns the Sheraton Mirage Grand Port Douglas, is terminating the acquisition of various properties Australia.
In a Hong Kong Stock Exchange note on Friday, the rapidly growing company said it would not proceed with the purchase of “land properties at Laguna, Snowy River, Whisper Bay, Altmann and Shingley”.
It said that even though it had received approval by the Foreign Investment Review Board, the conditions “are not commercially favourable to the Group”.
Fullshare said the abandoning of the deals did not affect its existing operations nor the financial condition of the company.
“Fullshare will focus to develop the current assets into renowned attractions. Leveraging our extensive network and rich experiences, the Group will continue to source quality assets and acquisition targets.”
Fullshare Holdings came under intense pressure in late April when an American share trading house published an extremely adverse analysis of the company and mounted short-selling share raid.
On August 14, Fullshare announced that one of its chief executive officers, Deng Xiaoxiong, had resigned in order to work elsewhere in the company’s healthcare division.
More recent information indicates chairman and executive director , Ji Changqun, is now the sole CEO. a
Ji Changqun at the ceremony to re-launch the Sheraton Mirage