Studio Santa Claus Terminates Real Estate Acquisition Contract of Subsidiary 'Santa Claus Village'

[Asia Economy Reporter Jang Hyowon] Studio Santa Claus announced on the 19th that its subsidiary, ‘Santa Claus Village,’ has terminated the real estate sales contract for a property in Jeju Island, which was to be acquired for the purpose of launching a new resort business in Jeju, due to the occurrence of a fault on the part of the transferor.

Studio Santa Claus had established the ‘Santa Claus Village’ corporation last September to enter the Jeju resort business and had signed a contract to acquire the Jeju resort.

Due to a significant fault on the part of the transferor, Studio Santa Claus requested resolution, but judging that smooth business progress was difficult due to delays in fulfillment and resulting setbacks in the business plan, they notified the termination of the contract.

A representative of Studio Santa Claus stated, “Santa Claus Village decided to terminate the contract due to the counterparty’s failure to fulfill the preconditions of the contract during the acquisition process,” adding, “Although the resort business has been discontinued, we will do our best to secure new profitability by exploring various business plans as well as the entertainment business.”

Meanwhile, Studio Santa Claus signed a strategic business agreement (MOA) with Izmedia last July to enter the highly anticipated NFT platform business.

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