Mirae Asset Global Investments Sends Termination Notice of Hotel Sale Contract to China Anbang Insurance

[Asia Economy Reporter Song Hwajeong] Mirae Asset Global Investments announced that it sent a termination notice on the 3rd to the seller regarding the sales contracts for 15 hotels in the United States signed with China's Anbang Insurance.

At the same time, a request for the return of the deposit was delivered to the escrow agent holding the deposit.

Mirae Asset Global Investments stated, "Anbang Insurance wished to close the transaction on the 17th of last month, but the buyer, real estate fund manager Mirae Asset Global Investments, discovered that Anbang Insurance failed to meet the preconditions for closing the transaction. Accordingly, violations of the sales contract by the seller occurred," adding, "The seller did not timely disclose various burdens and debts that impaired the hotel's value, failed to indemnify, and did not maintain normal hotel operations as required by the contract."

On the 17th of last month, Mirae Asset Global Investments notified the seller that if the violations regarding the failure to meet the preconditions for closing the transaction were not resolved within 15 days, the buyer would have the right to terminate the sales contract.

A representative of Mirae Asset Global Investments said, "After the notice, the buyer expected the seller to cure the defects under the sales contract within 15 days, but the period ended on the 2nd without any substantial explanation from the seller," adding, "Therefore, the buyer exercised the right to terminate the contract according to the sales contract."

The representative added, "We hope for an amicable resolution of this matter, but since the seller has already filed a lawsuit and initiated legal disputes, we plan to respond legally by exercising the buyer's rights under the sales contract."

This content was produced with the assistance of AI translation services.