It was a little unexpected. Evergrande, who had been in the dock for many times because of debt, sat in the plaintiff’s seat this time.
On March 2, Zhongtian Financial Group Company Limited(000540) announced that Guiyang international financial center, a wholly-owned subsidiary of the company, had recently received a subpoena issued by Guiyang intermediate court. Evergrande life brought a lawsuit against Guiyang international financial center over the dispute over the house sales contract.
Evergrande filed an appeal and asked the court to order Guiyang international financial center to return the total transaction price of RMB 1.916 billion, pay liquidated damages of RMB 287 million, and return the paid special maintenance fund of RMB 17.72 million, totaling about RMB 2.22 billion. As of the disclosure date of this announcement, Guiyang intermediate court has accepted the case and has not yet heard it.
It is worth mentioning that since August 2021, Zhongtian Financial Group Company Limited(000540) has planned to focus on the development of the financial industry in the future and completely divest the real estate business subsidiary Zhongtian urban investment. The main source of income in the future is the financial industry, which is still in progress.
Evergrande filed a lawsuit for the return of more than 2.2 billion
On March 2, Zhongtian Financial Group Company Limited(000540) disclosed that the wholly-owned subsidiary Zhongtian Urban Investment Group Guiyang International Financial Center Co., Ltd. (hereinafter referred to as “Guiyang international financial center”) recently received the subpoena issued by the intermediate people’s Court of Guiyang City, Guizhou Province, and Evergrande life brought a lawsuit against Guiyang international financial Center for the dispute over the house purchase and sale contract.
Specifically, Guiyang international financial center and Evergrande life signed the commercial housing sales contract and the investment agreement for building 1, phase I business district of Guiyang international financial center in September 2020, It is agreed that Evergrande life insurance will purchase the office property from the 6th floor to the 51st floor (excluding the refuge floor) and the hotel and serviced apartment property from the 53rd floor to the 79th floor of Building 1 of the financial center phase I business district project developed by Guiyang international financial center, with a total transaction price of RMB 1.916 billion.
Finally, because the Guiyang international financial center failed to deliver the house on time, Evergrande life brought a lawsuit to the intermediate court of Guiyang City, Guizhou Province.
According to the Chinese reporter of the securities firm, since Evergrande group fell into a liquidity crisis in July 2021, Evergrande has been sued by its partners and upstream and downstream suppliers for many times and sat in the dock for many times. This time, it is rare for Evergrande to become a plaintiff.
Hengda life’s claims include:
\u3000\u30001. Confirm that the commercial housing sales contract, the investment agreement of Building 1 of phase I business district of Guiyang international financial center and the lease agreement of Building 1 of phase I business district of Guiyang international financial center have been terminated;
\u3000\u30002. Order the defendant Guiyang international financial center to return the full transaction price of RMB 1.916 billion to the plaintiff Evergrande life insurance and pay liquidated damages of RMB 287 million;
\u3000\u30003. The defendant Guiyang international financial center was ordered to pay the plaintiff Evergrande life the fund occupation fee;
\u3000\u30004. Order the defendant Guiyang international financial center to pay the plaintiff Evergrande life the liquidated damages for overdue payment of the fund occupation fee in the third quarter of 2021;
\u3000\u30005. Order the defendant Guiyang international financial center to return the special maintenance fund paid by the plaintiff Evergrande life insurance of RMB 17.72 million;
\u3000\u30006. Order the defendant 2 Zhongtian Chengtou to bear joint and several liability to Evergrande life for the creditor’s rights in Items 2, 3, 4 and 5 above;
\u3000\u30007. It is ordered that the litigation costs, preservation costs, preservation liability insurance costs and lawyer’s fees of this case shall be jointly borne by the two defendants.
Zhongtian Financial Group Company Limited(000540) plan to completely withdraw from real estate
It is reported that Zhongtian Financial Group Company Limited(000540) is mainly engaged in real estate, securities, insurance and other businesses. The real estate business is carried out by Zhongtian urban investment group, a wholly-owned subsidiary; Securities business is conducted by Zhongtian Guofu securities, a holding subsidiary; The insurance business is carried out by the holding subsidiary Zhongrong life insurance.
In fact, under the strict regulation of “no speculation in real estate”, Zhongtian Financial Group Company Limited(000540) has long had the intention to withdraw from the real estate industry, and plans to completely peel off the real estate business and focus on the development of financial business in the future.
On August 31, 2021, Zhongtian Financial Group Company Limited(000540) for planning the sale of major assets, signed the equity transfer framework agreement on the acquisition of Zhongtian Urban Investment Group Co., Ltd. with Jiayuan ChuangSheng Holding Group Co., Ltd. (hereinafter referred to as “Jiayuan Chuangsheng”), and planned to transfer 100% equity of Zhongtian urban Investment Group Co., Ltd. (hereinafter referred to as “Zhongtian urban investment”) to Jiayuan Chuangsheng at a transfer price of 8.9 billion yuan, After the completion of the transaction, it will no longer hold the equity of Zhongtian city investment.
At that time, Zhongtian Financial Group Company Limited(000540) said that the equity transfer of Zhongtian city investment was based on the company’s future arrangement focusing on the development of the financial industry, which was conducive to improving the liquidity of the company’s assets, improving the financial structure and asset structure, further optimizing the strategic layout of the company’s financial business, better ensuring the capital needs for the future development of the financial business and enhancing the company’s core competitiveness, Consolidate the company’s sustainable operation ability and profitability, and ensure the stable operation of the company. The main source of income of the company is expected to be the financial industry if the transaction is successful in the future.
However, as of February 7, Zhongtian Financial Group Company Limited(000540) announced that up to now, the equity transfer price of the first phase has been received, and the equity transfer price of the second phase and one third of the third phase have not been received.
In order to safeguard the interests of the company and in line with the principle of friendly cooperation, Zhongtian Financial Group Company Limited(000540) sent a reminder letter to the transferee on January 19, 2022, asking the transferee to pay the second phase of equity transfer price to the company within 15 days after receiving the letter. However, Jiayuan Chuangsheng and other transferees replied that they need to delay the payment of the remaining equity transfer price.
Zhongtian Financial Group Company Limited(000540) said that up to now, the parties to the transaction have not signed a supplementary agreement and are discussing relevant matters with the transferee.
In addition, Zhongtian Financial Group Company Limited(000540) 2017 has been planning to take over 21% ~ 25% of the equity of Huaxia life insurance of “tomorrow Department”, with a transaction price of no more than 31 billion yuan and a deposit of 7 billion yuan. However, up to now, the transfer of Huaxia life equity is still facing great uncertainty.
On January 28, Zhongtian Financial Group Company Limited(000540) disclosed the performance forecast for 2021. The performance changed from profit to loss. It is estimated that the net profit loss in 2021 will be 2.5 billion yuan to 4 billion yuan, a year-on-year decrease of 537% ~ 799%.
Zhongtian Financial Group Company Limited(000540) explanation: on the one hand, the difference between the structure of real estate sales revenue carried forward in the current period and that carried forward in the same period of last year led to the decline of real estate sales gross profit in the current period; On the other hand, due to the impact of the real estate industry, the business of some financial subsidiaries did not meet the expectations, and the asset side business invested by them formed a large impairment loss and fair value change loss this year compared with the same period of the previous year.
