Landing's statement on the Integrated Resort project
Philippine Integrated Resort Project Landing International Development Ltd. (Landing International) together with its subsidiaries, (the “Group”, HKEX Code: 00582) wishes to convey that its integrated resort project at the Entertainment City in Parañaque City, Philippines entitled NayonLanding is still pushing through and its lease contract with Nayong Pilipino Foundation (NPF) is still valid and effective. From the Group's point of view, the recent decision of the Philippine Government to replace members of the NPF board of trustees did not affect the validity of the subject contract of lease. Landing International clarifies that the term of lease executed between NPF and Landing Resorts Philippines Development Corporation (LRPDC) provided for in its executed contract of lease with NPF is for a period of twenty-five (25) years only commencing from the date of execution of the contract of lease. Unless the lease contract is cancelled or nullified on solid legal grounds by the court
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