Grand Ocean-KY Reports on Accounts Receivable Collection Status from Shenzhen Damahua Investment
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Grand Ocean-KY (5907) has reported on the status of its RMB 61 million outstanding accounts receivable from Shenzhen Damahua Investment Co., Ltd. The debt originates from a real estate project in Quanzhou, and the company has already made a full provision for the loss. Following recent intervention by the Quanzhou city government to revive the project, Grand Ocean-KY announced it will negotiate with relevant parties to recover the debt from the project's future profits.