Chinese Estates Holdings has been told it can file an appeal if the site of its La Scala residential project in Macau is seized following a corruption trial.
The company's shares were suspended from trading yesterday after the Macau government issued a warning on Tuesday that it might cancel a deal in which jailed public works chief Ao Man-long awarded the land to a company called Moon Ocean, now owned by Chinese Estates, after allegedly receiving HK$20 million from Chinese Estates chairman Joseph Lau Luen-hung and fellow tycoon Steven Lo Kit-sing.
The luxurious La Scala residential development is now being built on the land.
Last night, Chinese Estates issued a statement saying it had been told by its Macau legal adviser that if the site was seized it could file an appeal within 30 days. Its shares will resume trading today.
A promotion counter for La Scala in Windsor House, Causeway Bay, was closed yesterday.
A security guard at the mall said the counter was still open on Tuesday but had closed yesterday.
A saleswoman on the La Scala sales hotline said the Macau government's announcement had not affected sales and the showroom in Wan Chai was still available for customers to visit by appointment. Asked if there was any risk in buying flats, she said: 'I cannot tell you whether there is any, but we are continuing the sales activities.'