"The buyer did not pay the remaining balance of the $22.6 million purchase amount until October 31, 2023," LET said in a filing on Wednesday.
"The buyer's failure to purchase or acquire the property by October 31, 2023 constitutes an infeasible default in the sales contract," it added.
In May, LET said one of its units had agreed to sell its Hokkaido site. In July, the deal was amended by the original suitor "transfer, transfer and deliver" "all contractual status, rights, ownership, obligations and interest" to St Moritz Group.
Consisting of 220,194 square feet, the land is close to Mount Yotei (pictured), a popular ski and outdoor activity spot in Hokkaido, Japan's northernmost main island. The group originally planned to develop a non-game ski resort with 50 villas, 20 townhouses, and more than 40 guest rooms in the land.
In a Wednesday filing, LET said its unit had "notified the buyer to terminate the sales and purchase agreement."
"As a result, a total of US$5 million in deposits have been forfeited and the seller has been discharged from all obligations," it added. "In addition, the seller will extinguish all mortgages set on top of the property in the buyer's favor."
LET has been working to implement what it calls a "cost-cutting program," including the sale of some non-core businesses. Net profits from the Hokkaido land deal were to be used for the group's outstanding debt payments, business development and general working capital, according to previous filings.
BY: 우리카지노탑
