Reuters logo
BRIEF-China Cinda Asset Management updates on the litigation by Junefield Real Estate
April 5, 2017 / 11:59 AM / 7 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* Civil judgment issued by beijing court on december 18, 2014 shall be rescinded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 ( Further company coverage:

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below