Shanghai Flower Port Project Was Filed for Bankruptcy reorganization After the original Sansheng Hongye Project was taken over by Daye Trust

Viewpoint Network News: Recently, according to media reports, it was learned from the Shanghai Third Intermediate People's Court that Shanghai Mingyu Real Estate Co., Ltd. is intending to recruit interested investors, and the intention to reorganize investors is registered until January 16.

According to the new media, on September 17, 2021, the Shanghai No. 3 Intermediate People's Court (2021) Hu 03 broke the "Civil Ruling" No. 225, ruling to accept the creditors' application for the bankruptcy reorganization of Mingyu Real Estate, and the first creditors' meeting will be held on January 20.

The main asset of Mingyu Real Estate is the land use right of "27/78 Hills in 2 Neighborhoods outside the town" in the Lingang New Town Comprehensive Area of Pudong New Area, Shanghai, that is, the proposed "Shanghai Flower Port Project". The residential plot is owned by Mingyu Real Estate separately, with a parcel area of 288,434 square meters and a use period until June 13, 2073. At present, the project has no construction in progress, is net land, and is in a state of pending development.

According to the Shanghai Third Intermediate Court, the original project planning was positioned as an out-of-print low-density residence, a Chinese-style humanistic villa, and a future international community, and there are currently no benchmarking products of the same type in the surrounding area, which is scarce and unique.

It is reported that the only shareholder of Mingyu Real Estate Co., Ltd. is Daye Trust, and Shanghai Mingjun Investment Management Co., Ltd. was the sole shareholder of the real estate company in the past; the indirect controlling shareholder of Shanghai Mingjun Investment Management is Sansheng Hongye, and the actual controller is Chen Jianming. On May 10, 2019, Shanghai Mingjun Investment Management withdrew from the sole shareholders of Mingyu Real Estate.

On June 29, 2021, the asset package of Shanghai Pudong Lingang Flower Port Project was sold for about 1.857 billion yuan, which was mainly for creditor's rights and interest. The asset package involves five claims, four of which are of the debtor, Shanghai Mingyu Real Estate Co., Ltd., and the other is the debtor, Shanghai Mingjun Investment Management Co., Ltd.

This article originated from the viewpoint real estate network