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Yunnan Tourism Wins Partial Arbitration Award

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Yunnan Tourism Co (SHE:002059) received a final arbitration award from the China International Economic and Trade Arbitration Commission (CIETAC) in a dispute with Yongzhou Xiangyuan over unpaid project fees.

CIETAC ordered Yongzhou Xiangyuan to pay 32.7 million yuan in upfront fees, plus 11.9 million yuan in equipment progress payments, along with certain costs and legal fees, according to a Thursday filing with the Shenzhen bourse.

However, the award denied the majority of the original 151.4 million yuan claim, including the full upfront fee of 100.0 million yuan.

Shares of the tourism company closed 1% lower Thursday.

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