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Suncity Group's 2 units pay 280M yuan to settle lawsuit over 120M-yuan loan

Hong Kong-listed investment holding company Suncity Group Holdings Ltd.'s two subsidiaries will pay a total of 280.0 million yuan to settle a lawsuit against a 120.0 million yuan loan that the duo guaranteed.

Shenzhen Zirui Real Estate Development Ltd. and Sun Century Property Group Co. Ltd. entered an agreement to pay 235.0 million yuan and 45.0 million yuan to settle a blank claim and a consultation claim, respectively, along with a roughly 84.6 million-yuan court deposit, according to a filing.

The company noted further that written orders were secured to release approximately 807.1 million yuan worth of assets, including those owned by the two subsidiaries, which were frozen due to the lawsuit.

In 2017, the group said the loan agreement under question was signed between an undisclosed bank and a company, which is owned 40% by a former director of the Suncity Group, while a deal was signed with a consultant in relation to the loan. Shenzhen Zirui and Sun Century Property were also guarantors of the consultancy fee payment under the consultancy agreement.

As of Feb. 23, US$1 was equivalent to 6.33 yuan.