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Modern Land unit files complaint after vendor fails to honor 1.55B-yuan deal

Vision Hongye Investment (Beijing) Co. Ltd., a subsidiary of Modern Land (China) Co. Ltd., filed a civil complaint against the owners of the Hairun Property Project in Beijing that it agreed to buy in January for approximately 1.55 billion yuan.

The case against Beijing Fornot Property Management Ltd., Beijing Ai Lihua Property Management Ltd. and Beijing Fornot's sole shareholder, who is serving as the vendor's guarantor in the deal, was filed at Beijing Municipal No. 1 Intermediate People's Court. Vision Hongye alleges that Beijing Fortnot failed to fulfill the seller's obligations pursuant to the conditions stated in the deal.

In a filing, Vision Hongye blamed Beijing Fornot for the delay in the completion of the transaction and is currently seeking compensation from the three respondents. The subsidiary also asked two asset preservation orders from the court against Beijing Fortnot's 100% stake in Beijing Ai Lihua and for the guarantor's 4,995.88-square-meter commercial property in Beijing's Haidian district.

The project at the center of the court action has a total site area of about 9,572 square meters and a planned gross floor area of approximately 70,000 square meters.

As of March 29, US$1 was equivalent to 6.29 Chinese yuan.