Brief: Shanghai Zendai Property Says Recently Got Enforcement Order By Lanzhou Court Against Four Units

DevGreat

21/06/2022 14:59

June 21 (Reuters) - Shanghai Zendai Property Ltd  0755.HK :
    * RECENTLY GOT AN ENFORCEMENT ORDER BY LANZHOU COURT AGAINST
FOUR
OF ITS UNITS
    * ORDER AROSE FROM EVENT OF DEFAULT IN RELATION TO INABILITY
OF
GROUP TO REPAY A FINANCIAL INSTITUTION
    * DUE TO DEFAULT, FINANCIAL INSTITUTION CLAIMED FOR
REPAYMENT OF
PRINCIPAL, AMONG OTHERS AMOUNTING TO ABOUT RMB620 MILLION
    * GROUP MAY NOT BE ABLE TO REPAY OUTSTANDING SUM IN
ACCORDANCE
WITH ORDER
    * CO CONTINUOUSLY ASSESSING LEGAL, FINANCIAL AND OPERATIONAL
IMPACT OF ORDER ON GROUP
    * WILL CONTINUE TO NEGOTIATE WITH FINANCIAL INSTITUTION IN
ORDER
TO REACH SETTLEMENT OVER OUTSTANDING SUM
    * FINANCIAL INSTITUTION GOT ORDER FOR BANK DEPOSIT OF TWO OF
ITS
UNITS AMOUNTING TO ABOUT RMB711 MILLION BE FROZEN

Source text for Eikon:  ID:nHKSF5lGB 
Further company coverage:  0755.HK 

 ((Reuters.Briefs@thomsonreuters.com;))