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Shanghai court freezes 46.7 million Shandong Tyan Home shares

Shandong Tyan Home Co., Ltd said 46.7 million outstanding shares owned by controlling shareholder Shandong Tianye Property Development Group were frozen by a local court.

The Shanghai No.1 Intermediate People's Court has frozen the shares, representing 5.28% of Shandong Tyan's total issued share capital, as a property preservation measure for a three-year term, starting from Dec. 12, according to a filing.

The judiciary freeze of Shandong Tyan's shares is related to a lawsuit against Shandong Tianye Property Development, with the latter undergoing negotiations to try to lift the freeze as soon as possible.