South Korea prevails over a Chinese investor in an investment treaty issue.

A settlement panel rejected Chinese investor Min Fengzhen’s challenge of a 2024 claim dismissal, giving South Korea a final decision in a 264 billion won ($197 million) investor-state dispute, according to the justice ministry on Sunday.

According to a statement from the ministry, this is South Korea’s first win in a complete hearing of an international investor dispute.

The case focused on Min’s allegation that a lender’s seizure and sale of pledged shares connected to a failing Beijing real estate project violated protections under an investment treaty between South Korea and China.

In 2024, the initial tribunal rejected the claim, stating that the investment was unlawful and hence not covered by the treaty.