April 5, 2017 / 11:59 AM / 4 months ago

BRIEF-China Cinda Asset Management updates on the litigation by Junefield Real Estate

April 5 (Reuters) - China Cinda Asset Management Co Ltd

* Civil judgment issued by beijing court on december 18, 2014 shall be rescinded

* Cinda Properties shall repay interests in a parcel of relevant project land received pursuant to framework agreement

* Cinda Investment shall pay rmb1 billion as liquidated damage to junefield real estate within 10 days after judgment becomes effective

* Junefield real estate shall repay contract amount of about rmb2.21 billion and resettlement fee of about rmb0.53 billion to Cinda Investment

* Co currently assesses that litigation will not have material adverse effect on operating results and financial condition

* Supreme people's court has recently issued a civil judgment stating counterclaims from cinda properties shall be rejected

* Updates on second trial judgment made on litigation filed by Junefield Real Estate against Cinda Investment, Cinda Properties and Cinda Beijing Branch

* Possibility for Cinda Investment to generate actual loss under judgment is small

* Legal costs of first trial judgment RMB5 million and of second trial judgment rmb5 million shall be assumed by Cinda Investment and Cinda Properties Source (bit.ly/2nX1iNP) Further company coverage:

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